Question: Red Cab Company reports net income of 32 000 for
Red Cab Company reports net income of $ 32,000 for the year ended December 31, 2013. The income statement also reveals Depreciation Expense, Equipment of $ 6,500 and a Gain on Disposal of Property and Equipment of $ 1,200. The comparative balance sheet reveals that Accounts Receivable, net decreased by $ 1,300; Prepaid Insurance decreased by $ 800; Accounts Payable increased by $ 1,800; and Rent Payable decreased by $ 750. Prepare the Operating Activities section of the statement of cash flows for Red Cab Company using the indirect method.
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