James Inc. had the following transactions in March: James collected $13,000 from customers for last month sales. James purchased equipment for $3,000. James paid rent of $1,500. James borrowed $20,000 from the bank. James recorded $4,000 of depreciation. What is James Inc.s net cash flow from operating activities? (Hintsame as operating cash inflows less operating cash outflows.)

A. $13,000

B. $18,500

C. $6,000

D. $11,500