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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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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SP 12 Serial Problem Business Solutions (Indirect) (Algo) LO P2, P3 Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 11, 2022 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 Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets BUSINESS SOLUTIONS Comparative Balance Sheets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue $ 14,252 370 1,200 2,750 505 1,775 1,225 560 250 960 Total current liabilities Equity Common stock Retained earnings Total liabilities and equity $ 25,007 17,793 42,800 23,847 $ 18,953 March 31, December 31, 2022 2021 $ 79,287 24,367 7:04 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. 2022 $ 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.)
Transcribed Image Text:SP 12 Serial Problem Business Solutions (Indirect) (Algo) LO P2, P3 Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 11, 2022 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 Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets BUSINESS SOLUTIONS Comparative Balance Sheets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue $ 14,252 370 1,200 2,750 505 1,775 1,225 560 250 960 Total current liabilities Equity Common stock Retained earnings Total liabilities and equity $ 25,007 17,793 42,800 23,847 $ 18,953 March 31, December 31, 2022 2021 $ 79,287 24,367 7:04 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. 2022 $ 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.)
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.) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash BUSINESS SOLUTIONS Statement of Cash Flows (indirect) For Quarter Ended March 31, 2022 Changes in current assets and current liabilities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2021 Cash balance at March 31, 2022 $ $ $ 0 0 0 0
Transcribed Image Text: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.) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash BUSINESS SOLUTIONS Statement of Cash Flows (indirect) For Quarter Ended March 31, 2022 Changes in current assets and current liabilities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2021 Cash balance at March 31, 2022 $ $ $ 0 0 0 0
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