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 $18.500 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,500 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 $5,500 by signing a new promissory note in May and also issued stock to a new private investor for $12.500 cash. Year-end comparative balance sheets and income statements are presented below CONSULTEX, INCORPORATED Balance Sheet October 31 Assets Cash Accounts Receivable Prepeid 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 2021 2020 $ 3,210 15,000 $ 15,200 12,500 2.250 3,500 30,500 15.000 555/960 $41,200 $2,250 $3,500 1,200 1,200 16,000 12,500 20,500 500 15.710 14,500 $55/96043/200 Sales Revenue CONSULTEX, INCORPORATED Income Statement For the Year Ended October 31 Salaries and Wages Expense Rent Expense Utilities Expenses Income before Income Tax Expense Income Tax Expense Net Income Required: 2021 $ 160,500 2020 $163,500 98,500 97.500 36,500 30,500 20,200 20,500 5,300 15,000 1,590 $3,710 4,500 $10,500 1. 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.) Statement of Cash Flows For the Year Ended October 31, 2021 Gea Flows from Operating Activities Net Income Changes in Current Assets and Current Liabilities Accounts Receivable Prepaid Rent Salanes and Wages Payable Cash Flows from investing Activities Purchased Land 000 Cash Used in Investing Activities Cash Flows from Financing Activides Paid Cash Dividends Repaid Promissory Note Principal Repurchased Company Common Stock Issued New Company Common Stock Search 0 * 30575290 23 $ 4 E R D $ $ 3,710 (2.500) 1.250 (1.250) 1210 18.500) (18.500) 10 0000 10 c 2 40 96 5 F LL 9 12.500 1200 2500 15 500 Purchased Land Cash Used in Investing Activities Cash Flows from Financing Activities Paid Cash Dividends (18,500) (18,500) Repaid Promissory Note Principal Repurchased Company Common Stock Issued New Company Common Stock Issued New Promissory Note Cash Provided by Financing Activities Net Decrease in Cash Beginning Cash Position, October 31, 2020 Ending Cash Position October 31, 2021 12.500 1,200 2.500x 5.500 2.000 23,700 $ 0