complete the income statement

Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 20152017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $21,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $3,000 cash for dividends and $1,100 to repurchase and eliminate Consultex stock that had previously been issued for $1,100. To improve its cash position, Consultex borrowed $6,000 by signing a new promissory note in May and also issued stock to a new private investor for $13,000 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, VINC. Balance Sheet October 31 $ 8,41 $15, l $58, 91 $43. r $ 2,5 $ 4,e 10, e $163, eo $166, ee 21, oe 16,eo 11, 2 Assets Cash Accounts Receivable prepaid Rent Land Total Assets Liabilities and Stockholders' Salaries and Wages Payable Income Taxes Payable Notes payable ( longterm) Common Stock Retained Earnings Equity 2018 99, 37 , o 2, 7 6, 3 1,890 4 410 218 16 , 2,500 32 17 ,e 21, 900 16 410 217 98, 31, 4 de 217 13, oee 4, e 11 1, l 13 , 15 Total Liabilities and Stockholders' Equity For Sales Revenue Salaries and Wages Rent Expense Utilities Expenses "ACCONSULTE&, Income Statement the Year Ended October 31 Expense Income before Income Tax Expense Income Tax Expense Net Income