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 $13,000 to purchase land and repaid $4,000 principal on an existing promissory note. In March, the company paid $1,400 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 $4,400 by signing a new promissory note in May and also issued stock to a new private investor for $11,400 cash. Year-end comparative balance sheets and income statements are presented below. Assets Cash CONSULTEX, INCORPORATED Balance Sheet October 31 2021 2020 $ 8,970 12,800 $ 11,900 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 CONSULTEX, INCORPORATED Income Statement 1,700 24,000 $ 47,470 11,400 2,400 11,000 $ 36,700 $ 2,400 1,100 11,400 8,400 13,400 $ 1,700 1,100 11,800 18,700 14,170 $ 47,470 $ 36,700 Sales Revenue For the Year Ended October 31 2021 $ 155,000 2020 $ 158,000 97,400 96,400 35,400 29,400 19,100 19,400 3,100 12,800 930 3,840 $ 2,170 $ 8,960 Salaries and Wages Expense Rent Expense Utilities Expenses Income Tax Expense Net Income Income before Income Tax Expense