Problem $12-18$A $($Algo$)$ Using financial statements to prepare a statement of cash flows$-$Indirect method LO $12-1,12-3,12-4$

The comparative balance sheets and income statements for Gypsy Company follow.

Book

Liabilities and stockholders' equity Accounts payable $($inventory$)$ $$2,753$ $$4,448$ Long$-$term debt $2,6736,109$ Common stock $21,6008,000$ Retained earnings $36,60826,490$ Total liabilities and stockholders' equity $$63,634$$$45,047$

$\backslash$table$[[$Income Statement for the Year Ended December,$31,$ Year $2],[$Sales revenue,$$38,500$