Consultex, Inc. was founded in 2012 as a small financial consulting business. The company had done reasonably well in 2012-2014 but started noticing its cash dwindle early in 2015. In January 2015, Consultex had paid $12,000 to purchase land and repaid $4,000 principal on an existing promissory note. In March, the company paid $1,200 cash for dividends and $1,000 to repurchase Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $4,200 by signing a new promissory note in May and also issued stock to a new private investor for $11,200 cash. Year-end comparative balance sheets and income statements are presented below CONSULTEX, INC Balance Sheet October 31 2014 2015 Assets $10,290 $12,400 11,200 2,200 10,000 Cash Accounts Receivable Prepaid Rent Land 12,400 1,600 22,000 $46,290 $35,800 Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (long-term) Common Stock Retained Earnings $1,600 1,000 11,400 18,400 13,890 2,200 1,000 11,200 8,200 13,200 $46,290 $35,800 Total Liabilities and Stockholders' Equity CONSULTEX, INC. Income Statement For the Year Ended October 31 2015 2014 $154,000 157,000 96,200 29,200 19,200 Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses 97,200 35,200 18,900 2,700 Income before Income Tax Expense Income Tax Expense 12,400 3,720 810 $ 1,890 $ 8,680 Net Income Required: Prepare a properly formatted Statement of Cash Flows for Consultex, Inc. for the year ended October 31, 2015 (using the indirect method). (Amounts to be deducted should be indicated with a minus sign.) CONSULTEX, INC. Statement of Cash Flows For the Year Ended October 31, 2015 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities