BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 20221 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income Assets Cash Accounts receivable. Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets office equipment $ 14,252 370 1,200 2,750 505 Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity 1,775 1,225 560 250 960 BUSINESS SOLUTIONS Comparative Balance Sheets $25,007 17,793 42,800 23,847 $ 18,953 March 31, 2022 $ 79,287 24,367 704 2,095 1,080 745 108,278 7,600 (740) 19,900 (2,400) $ 132,638 $0 925 0 925 110,000 21,713 $ 132,630 BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31.3033 December 31, 2021 $ 56,422 5,568 0 550 1,605 745 64,890 7,600 (370) 19,900 (1,200) $90,820 $1,140 520 1,700 3,360 80,000 7,460 $ 90,820 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $30,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,700 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 20221 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income Assets Cash Accounts receivable. Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets office equipment $ 14,252 370 1,200 2,750 505 Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity 1,775 1,225 560 250 960 BUSINESS SOLUTIONS Comparative Balance Sheets $25,007 17,793 42,800 23,847 $ 18,953 March 31, 2022 $ 79,287 24,367 704 2,095 1,080 745 108,278 7,600 (740) 19,900 (2,400) $ 132,638 $0 925 0 925 110,000 21,713 $ 132,630 BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31.3033 December 31, 2021 $ 56,422 5,568 0 550 1,605 745 64,890 7,600 (370) 19,900 (1,200) $90,820 $1,140 520 1,700 3,360 80,000 7,460 $ 90,820 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $30,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,700 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education