CREATE STATEMENT OF CASH FLOWS BASED ON THE FOLLOWING INFORMATION: Consultex, Inc. was founded in 2012 as a small financial consulting business. The company had done reasonably well in 20122014 but started noticing its cash dwindle early in 2015. In January 2015, Consultex had paid $12,500 to purchase land and repaid $4,000 principal on an existing promissory note. In March, the company paid $1,300 cash for dividends and $1,200 to repurchase Consultex stock that had previously been issued for $1,200. To improve its cash position, Consultex borrowed $4,300 by signing a new promissory note in May and also issued stock to a new private investor for $11,300 cash. Year-end comparative balance sheets and income statements are presented below.

CONSULTEX, INC. Balance Sheet October 31 2015 2014 Assets Cash Accounts Receivable Prepaid Rent Land S 8,130 10,800 11,300 2,300 24,500 12,000 12,600 1,650 Total Assets $46,880 36,400 Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (long-term) Common Stock Retained Earnings $ 1,650 2,300 1,200 11,300 8,300 13,300 1,200 11,600 18,400 14,030 Total Liabilities and Stockholders' Equity $ $46,880 S36,400 CONSULTEX, INC Income Statement For the Year Ended October 31 2015 2014 Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses $154,500 $157,500 96,300 29,300 19,300 97,300 35,300 19,000 Income before Income Tax Expense Income Tax Expense 12,600 3,780 2,900 870 Net Income $ 2,030 S 8,820