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 $16,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,000 cash for dividends and $1,000 to repurchase and eliminate Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $5,000 by signing a new promissory note in May and also issued stock to a new private investor for $12,000 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INCORPORATED Balance Sheet October 31 2021 2020 $ 11,000 14,000 2,000 26,000 $ 53,000 $ 14,000 12,000 3,000 10,000 $ 39,000 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 $ 2,000 1,000 15,000 20,000 15,000 $ 53,000 $ 3,000 1,000 12,000 9,000 14,000 $ 39,000 CONSULTEX, INCORPORATED Income Statement For the Year Ended October 31 2021 Sales Revenue $ 158,000 Salaries and Wages Expense 98,000 Rent Expense 36,000 Utilities Expenses 19,700 Income before Income Tax Expense 4,300 Income Tax Expense Net Income $ 3,000 2020 $ 161,000 97,000 30,000 20,000 14,000 4,200 $ 9,800 1,300 Required: 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.) CONSULTEX, INCORPORATED Statement of Cash Flows For the Year Ended October 31, 2021 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities 0 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: 0 $ 0