Consultex, Incorporated, was founded in $2018$ as a small financial consulting business. The company had done reasonably well from $2018$ through $2020$ but started noticing its cash dwindle early in $2021.$ In January $2021,$ Consultex had paid $$17,000$ to purchase land and repaid $$2,000$ principal on an existing promissory note. In March, the company paid $$2,200$ cash for dividends and $$1,200$ to repurchase and eliminate Consultex stock that had previously been issued for $$1,200.$ To improve its cash position, Consultex borrowed $$5,200$ by signing a new promissory note in May and also issued stock to a new private investor for $$12,200$ cash. Year$-$end comparative balance sheets and income statements are presented below.

CONSULTEX, INCORPORATED

Balance Sheet

October $31$

$20212020$

Assets

Cash $ $8,690$ $ $12,600$

Accounts Receivable $14,40012,200$

Prepaid Rent $2,1003,200$

Land $29,00012,000$

Total Assets $ $54,190$ $ $40,000$

Liabilities and Stockholders$$ Equity

Salaries and Wages Payable $ $2,100$ $ $3,200$

Income Taxes Payable $1,2001,200$

Notes Payable $($long$-$term$)15,40012,200$

Common Stock $20,2009,200$

Retained Earnings $15,29014,200$

Total Liabilities and Stockholders$$ Equity $ $54,190$ $ $40,000$

CONSULTEX, INCORPORATED

Income Statement

For the Year Ended October $31$

$20212020$

Sales Revenue $ $159,000$ $ $162,000$

Salaries and Wages Expense $98,20097,200$

Rent Expense $36,20030,200$

Utilities Expenses $19,90020,200$

Income before Income Tax Expense $4,70014,400$

Income Tax Expense $1,4104,320$

Net Income $ $3,290$ $ $10,080$

Required:

Prepare a properly formatted Statement of Cash Flows for Consultex, Incorporated, for the year ended October $31,2021($using the indirect method$).($Amounts to be deducted should be indicated with a minus sign.$)$Consultex$,$ Incorporated, was founded in $2018$ as a small financial consulting business. The company had done reasonably well from

$2018$ through $2020$ but started noticing its cash dwindle early in $2021.$ In January $2021,$ Consultex had paid $$17,000$ to purchase land

and repaid $$2,000$ principal on an existing promissory note. In March, the company paid $$2,200$ cash for dividends and $$1,200$ to

repurchase and eliminate Consultex $-+$ock that had previously been issued for $$1,200.$ To improve its cash position, Consultex

borrowed $$5,200$ by signing a new promissory note in May and also issued stock to a new private investor for $$12,200$ cash. Year$-$enc

comparative balance sheets and income statements are presented below.

Required:

Prepare a properly formatted Statement of Cash Flows for Consultex, Incorporated, for the year ended October $31,2021($using the indirect method$).($Amounts to be deducted should be indicated with a minus sign.$)$