Prepare a cash flow statement for GlaxoSmithKline Pharmaceuticals for the year ended December 31, 2025, using the following information:

• Cash balance at the beginning of the year: $200,000
• Net income: $900,000
• Depreciation expense: $100,000
• Changes in working capital:
  • Accounts Receivable: $60,000
  • Inventory: -$40,000
  • Accounts Payable: $20,000
  • Prepaid Expenses: -$15,000

Analyze the cash flow activities for the year.