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Cain Inc. reports net income of $15,000. Its comparative balance sheet shows the following changes: accounts receivable increased $6,000; inventory decreased $8,000; prepaid insurance decreased
Cain Inc. reports net income of $15,000. Its comparative balance sheet shows the following changes: accounts receivable increased $6,000; inventory decreased $8,000; prepaid insurance decreased $1,000; accounts payable increased $3,000 and taxes payable decreased $2,000. Compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
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