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 $13,500 to purchase land and repaid $3,000 principal on an existing promissory note. In March, the company paid $1,500 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 $4,500 by signing a new promissory note in May and also issued stock to a new private investor for $11,500 cash. Year-end comparative balance sheets and income statements are presented below CONSULTEX, INC Balance Sheet October 31 2014 2015 Assets Cash Accounts Receivable Prepaid Rent $10,810 13,000 11,500 2,500 10,000 13,000 1,750 23,500 $49,060 37,000 Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income laxes Payable Notes Payable (long-term) Common Stock Retained Earnings $ 1,750 1,000 13,000 19,000 14,310 2,500 1,000 11,500 8,500 13,500 $49,060 37,000 Total Liabilities and Stockholders' Equity