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 $16,500 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,100 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 $5,100 by signing a new promissory note in May and also issued stock to a new private investor for $12,100 cash. Year-end comparative balance sheets and income statements are presented below.

Prepare a properly formatted Statement of Cash Flows for Consultex, Inc., for the year ended October 31, 2018 (using the indirect method).

Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015-2017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $16,500 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,100 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 $5,100 by signing a new promissory note in May and also issued stock to a new private investor for $12,100 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INC. Balance Sheet October 31 2018 2017 Assets Cash Accounts Receivable Prepaid Rent Land $ 9,850 $13,300 14,200 12,100 2,050 3,100 27,500 11,000 $53,600 $39,500 Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 2,050 $ 3,100 1,100 1,100 15, 200 12,100 20,100 9,100 15,150 14,100 $53,600 $39,500 CONSULTEX, INC. Income Statement For the Year Ended October 31 2018 2017 Sales Revenue $ 158,500 $161,500 Salaries and Wages Expense 98,100 97,100 Rent Expense 36,100 30,100 Utilities Expenses 19,800 20,100 Income before Income Tax Expense 4,500 14,200 Income Tax Expense 1,350 4,260 Net Income $ 3,150 $ 9,940 Required: 1. Prepare a properly formatted Statement of Cash Flows for Consultex, Inc., for the year ended October 31, 2018 (using the indirect method). (Amounts to be deducted should be indicated with a minus sign.) ror the rear endea Uctober 31, 2010 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities