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 $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 and eliminate 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 2018 2017 Assets Cash Accounts Receivable Prepaid Rent Land $10,290 $12,480e 12,40 11,280 1,60 2,280 22,803 19, aee $45,290 535,8ee Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (long-term) Common Stock Retained Earnings 1,600 S 2,200 1,0001,000 11,400 11,200 18,400 ,200 13,9 13,280 46,299 $35,880 Total Liabilities and Stockholders Equity CONSULTEX, INC Income Statement For the Year Ended October 31 2818 2817 Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses Income before Income Tax Expense Income Tax Expense Net Incone $154,000 $157,000 97,20 96,200 35,200 29,200 18,90 19, 200 2,7 12,480 3,720 810 51,890 5 8,68 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.) CONSULTEX, INC. Statement of Cash Flows For the Year Ended October 31, 2018 Cash Flows from Operating Activities Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities Cash Flows from Financing Activities