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Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.)
Business Solutions
Income Statement
For Three Months Ended March 31, 2012
Computer service revenue
25,307
Net sales
18,693
Total revenue
44,000
Cost of goods sold
14,052
Depreciation expense - Office equipment
400
Depreciation expense - Computer equipment
1,250
Wages expense
3,250
Insurance expense
555
Rent expense
2,475
Computer supplies expense
1,305
Advertising expense
600
Mileage expense
320
Repairs expense
960
Total expenses
25,167
Net income
$18,833
Comparative Balance Sheets
December 31, 2011 and March 31, 2012
Assets
Cash
68,057
48,372
Accounts receivable
22,867
5,668
Merchandise inventory
704
-
Computer supplies
2,005
580
Prepaid insurance
1,110
1,665
Prepaid rent
825
Office equipment
8,000
Accumulated depreciation - Office equipment
(800)
(400)
Computer equipment
20,000
Accumulated depreciation - Computer equipment
(2,500)
(1,250)
Total Assets
$120,268
$83,460
Liabilities and Equity
Accounts payable
1,100
Wages payable
875
500
Unearned computer service revenue
1,500
Common stock
98,000
73,000
Retained earnings
21,393
7,360
Total Liabilities and Equity
Required:
Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2012. Recall that the owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2012 and has received $4,800 in cash dividends.
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