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My answer is not complete. please help me complete it. A Guppy (Poecilia Ret... 2 12 fickle - Dictionary D. Tinnitus Terminator Tutorvista Instant. ter
My answer is not complete. please help me complete it.
A Guppy (Poecilia Ret... 2 12 fickle - Dictionary D. Tinnitus Terminator Tutorvista Instant. ter 120 Saved Help Save & Ed Check Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015-2017 but started noticing its cash dwindle early in 2018. In January 2018. 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, INC. Balance Sheet October 31 14.000 12,00 2.000 3.00 26,00 10,000 353,000 $39.000 Assets Cash Accounts Receivable Prepaid Rent Land Total Assets Liabilities and Stockholders' Equity Salaries and Mages Payable Income Taxes Payable Notes Payable (long-term) Common stock Retained Earnings Total Liabilities and Stockholders' Equity $2.000 53.000 1.000 1.000 15,000 12.000 20.000 9.000 15,000 14,000 353,000 $39.000 CONSULTEX, INC Seved Help Save & EX Check CONSULTEX, INC. Income Statement For the Year Ended October 31 2018 2017 Sales Revenue $ 158,000 $161,000 Salaries and Wages Expense 98,000 97,000 Rent Expense 36,000 30, Utilities Expenses 19,700 20,000 Income before Income Tax Expense 4,300 14.000 Income Tax Expense 1.300 4.200 Net Income $ 3,000 $ 9,800 Required: 1. Prepare a properly formatted Statement of Cash Flows for Consultex, Inc., for the year ended October 31, 2018 (using the indirect method). (Amounts to be deducted should be indicated with a minus sign.) CONSULTEX, INC Statement of Cash Flows For the Year Ended October 31, 2018 Cash Flows from Operating Activities $ 3,000 Cash Flows from Operating Activities: Net Income Changes in Current Assets and Current Liabilities Accounts Receivable Prepaid Rent Salaries and Wages Payable (2,000) 1.000 (1.000) 1.000 Cash Flows from Investing Activities: Purchased Land (16000) (16.000) Cash Flows from Financing Activities Issued New Promissory Note issued New Company Common Stock Step by Step Solution
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