Consider the following financial statements about DANIEL Co. for the current year 2015 I/S for the...

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Consider the following financial statements about DANIEL Co. for the current year 2015 I/S for the year ended Dec. 31, 2015 Sales CGS Operating expenses $16,000 10,000 4,000 Profit from operations (EBIT) 2,000 Interest expense 200 EBT Tax expense NI 1,800 600 $ 1,200 Additional information: Operating expenses include $150 of depreciation expense and a $200 impairment loss on equipment. A/R increased by $380 Inventory decreased by $100 Prepaid expenses related to operating expense increased by $80 A/P decreased by $360 Accrued liabilities related to operating expenses decreased by $180 Interest payable decreased by $20 Unearned revenue received from customers decreased by $34 Income tax payable increased by $40 Required: Prepare CFO section of the cash flow statement under the (a) DIRECT (10 marks), and (b) INDIRECT (5 marks) methods. Consider the following financial statements about DANIEL Co. for the current year 2015 I/S for the year ended Dec. 31, 2015 Sales CGS Operating expenses $16,000 10,000 4,000 Profit from operations (EBIT) 2,000 Interest expense 200 EBT Tax expense NI 1,800 600 $ 1,200 Additional information: Operating expenses include $150 of depreciation expense and a $200 impairment loss on equipment. A/R increased by $380 Inventory decreased by $100 Prepaid expenses related to operating expense increased by $80 A/P decreased by $360 Accrued liabilities related to operating expenses decreased by $180 Interest payable decreased by $20 Unearned revenue received from customers decreased by $34 Income tax payable increased by $40 Required: Prepare CFO section of the cash flow statement under the (a) DIRECT (10 marks), and (b) INDIRECT (5 marks) methods.