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 $21,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $3,000 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 $6,000 by signing a new promissory note in May and also issued stock to a new private investor for $13,000 cash. Year-end comparative balance sheets and income statements are presented below. 16.66 points eBook CONSULTEX, INCORPORATED Balance Sheet October 31 Hint 2021 2020 Print Assets Cash $ 15,100 References $ 8,410 16,000 2,500 32,000 $ 58,910 13,000 4,000 11,000 $ 43, 100 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 $ 2,500 1, 100 17,000 21,900 16, 410 58, 910 $ 4,000 1,100 13,000 10,000 15,000 $ 43, 100 CONSULTEX, INCORPORATED Income Statement Print References CONSULTEX, INCORPORATED Income Statement For the Year Ended October 31 Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses Income before Income Tax Expense Income Tax Expense Net Income 2021 $ 163,000 99,000 37,000 20, 700 2020 $ 166,000 98,000 31,000 21,000 16,000 4,800 $ 11,200 6, 300 1,890 $ 4,410 4 CONSULTEX, INCORPORATED Statement of Cash Flows For the Year Ended October 31, 2021 Cash Flows from Operating Activities: 16.66 points Changes in Current Assets and Current Liabilities eBook Hint Print References Cash Flows from Investing Activities: Cash Flows from Financing Activities: 4 16.66 points Cash Flows from Investing Activities: eBook Hint Print Cash Flows from Financing Activities: References