2018 through 2020 but started noticing its cash dwindle early in 2021. In January 2021, Consultex had paid $14,000 to purchase land and repaid $3,000 principal on an existing promissory note. In March, the company paid $1,600 cash for dividends and $1.200 to repurchase and eliminate Consultex stock that had previously been issued for $1.200. To improve its cash position, Consuitex borrowed 54,600 by signing a new promissory note in May and also issued stock to a new private investor for $11,600 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INCORPORATED Balance Sheet October 31 2021 2020 $ 8,650 13,200 1.800 26,000 449,650 $ 11,400 11,600 2,600 12.000 $ 37,600 Assets Cash Accounts Receivable Prepaid Rent Land Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (tong-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity CONSULTEX, INCORPORATED Income Statement For the Year Ended October 31 $ 1,800 1,200 13,200 19,000 14,450 $ 49,650 $ 2.600 1,200 11,600 8,600 13,600 $ 37,600 Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses Income before Income Tax Expense Income Tax Expense Net Income 2021 $ 156,000 97,600 35,600 19,300 3,500 1, aso 5.2.450 2020 $ 159,000 96,600 29,600 19,600 13,200 3,960 $ 9,240 Prav 2 of 2 Next 1. Prepare a properly formatted Statement of Cash Flows for Consultex, Incorporated, for the year ended October 31, 2021 (using the Indirect method) (Amounts to be deducted should be indicated with a minus sign.) CONSULTEX, INCORPORATED Statement of Cash Flows For the Year Ended October 31, 2021 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities 0 Cash Flows from investing Activities: 0 Cash Flows from Financing Activities Changes in Current Assets and Current Liabilities 0 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: + 0 $