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 $14,000 to purchase land and repaid $3,000 principal on an existing promissory note. In March, the company paid $1,600 cash for dividends and $1,200 to repurchase and eliminate Consultex stock that had previously been issued for $1,200. To improve its cash position, Consultex borrowed $4,600 by signing a new promissory note in May and also issued stock to a new private investor for $11,600 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INC. Balance Sheet October 31 2018 2017 $ 8,00 $11,400 13,200 11,600 1,800 2,600 26,000 12,000 $49,650 $37,600 Assets Cash Accounts Receivable Prepaid Rent Land 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 $ 1,800 $ 2,600 1,200 1,200 13, 200 11,600 19,000 8,600 14,450 13,600 $49,650 $37,600 CONSULTEX, INC. Income Statement For the Year Ended October 31 2018 2017 Sales Revenue $156,000 $159,000 Salaries and Wages Expense 97,600 96,600 Rent Expenso 35,600 29,600 Utilities Expenses 19,300 19,600 Income before Income Tax Expense 3,500 13,200 Income Tax Expense 1.050 3,960 Net Income $ 2,450 $9,240 Required $ 8,650 $11,400 13,200 11,600 1,800 2,600 26.000 12,000 $49,650 $37,600 Cash Accounts Receivable Prepaid Rent Land 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 $ 1,800 $2,600 1,200 1,200 13,200 11,600 19,000 8,600 14,450 13,600 $49,650 $37,600 CONSULTEX, INC Income Statement For the Year Ended October 31 2018 2017 Sales Revenue $156,000 $159,000 Salaries and Wages Expense 97,600 96,600 Rent Expense 35,600 29,600 Utilities Expenses 19,300 19,600 Income before Income Tax Expense 3,500 13,200 Income Tax Expense 1.050 3.969 Net Income 52,450 $9,240 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.)