Question: Given the following information for Discount Incorporated prepare their statement of cash flows for December 31, 2020, using the indirect method. Also, Explain the process
Given the following information for Discount Incorporated prepare their statement of cash flows for December 31, 2020, using the indirect method. Also, Explain the process of preparing Indirect Cashflow and specify the differences between Indirect and Direct Cashflow methods. 2020* 2019* Cash 363.00 250 Accounts receivable 90 85 Interest receivable 10 7 Inventory 90 95 Prepaid Expenses 58 10 Non-current - Note receivable 90 125 Property, plant and Equipment (Net of depreciation) 325 330 Accounts payable 40 20 Accrued liabilities 45 56 Common Shares 825 755 Retained Earnings 105 60 Net income 100 Depreciation expense 2 Gain on sale of property 1.5 in 000s
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