Presented below are the $2024$ Income Statement and $2023$ and $2024$ Balance Sheets for Ollivander$$s Workshop, Inc. Prepare a Cash Flow Statement for the year ended December $31,2024.$ The following information is also known about the $2024$ fiscal year: Equipment with a cost of $$1,500$ and accumulated depreciation of $$1,000$ was sold for $$500$ cash.

Ollivander's Workshop, Inc.

Income Statement

For the Year Ended December $31,2024$

Sales Revenue $$15,050$

Service Revenue $3,400$

Total Revenue $$18,450$

Operating Expenses:

Cost of Goods Sold $5,600$

Depreciation $1,600$

Selling $2,400$

General and administrative $1,500$

Total Operating Expenses $11,100$

Operating Income $7,350$

Interest Expense $200$

Income Before Income Taxes $7,150$

Income Tax Expense $2,500$

Net Income $$4,650$

Ollivander's Workshop, Inc.

Balance Sheets

As of December $31,2023$ and $2024$

$20242023$

Assets

Cash $ $6,950$ $ $2,200$

Accounts Receivable $2,5002,200$

Inventory $4,4002,600$

Prepaid Rent $150300$

Plant and Equipment $14,50012,000$

Less: Accumulated Deprecation $(5,100)(4,500)$

Total Assets $ $23,400$ $ $14,800$

Liabilities and Shareholders$$ Equity

Accounts Payable $ $1,800$ $ $1,100$

Interest Payable $1000$

Deferred Service Revenue $800600$

Income Taxes Payable $550800$

Note Payable, due $12/31/20265,0000$

Common Stock $9,6009,600$

Retained Earnings $5,5502,700$

Total Liabilities and Shareholders$$ Equity $ $23,400$ $ $14,800$