pleasecorrect the ones that arw wrong

1 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 $16,500 to purchase land and repaid $2,000 principal on an existing promissory note In March the company paid $2,100 cash for dividends and $1100 to repurchase and eliminate Consultex stock that had previously been issued for $1100. To improve its cash position Consultex borrowed $5,100 by signing a new promissory note in May and also issued stock to a new private investor for $12,100 cash Year-end comparative balance sheets and income statements are presented below 3 2/5 points awarded Scotes CONSULTEX, INC Balance Sheet October 31 2015 2017 Assets Cash Accounts Receivable Prepaid Rent Land Total Assets Liabilities and stockholders' Equity Salaries and ages Payable Income Taxes Payable Notes Payable (long tera) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 9,0 $13,30 14.200 12.100 2.050.100 22.500 11,000 550.000 310X500 $ 2,050 5.100 1.100 1,100 15.200 12,100 20,100 9,100 15,150 14,100 55,600 5510 500 points awarded CONSULTEX, INC. Income Statement For the Year Ended October 31 Scored Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses Incone before Income Tax Expense Income Tax Expense Net Incone 2018 2017 $158,500 $161,500 98,100 97.100 36,100 30, 100 19,800 20.1ee 4,500 1,350 4,260 $3,150 $9.940 14,200 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.) $ 3,150 Cash Flows from Operating Activities Net Income Changes in Current Assets and Current Liabilities Accounts Receivable Prepaid Rent Salaries and Wages Payable 14,200 X 1,050 3,100 X 21,500 Cash Provided by Operating Activities Cash Flows from Investing Activities: Purchased Land 27500 X 27,500 20.100 X Cash Used in Investing Activities Cash Flows from Financing Activities Repurchased Company Common Stock Paid Cash Dividends Paid Cash Dividends Repaid Promissory Note Principal Issued New Company Common Stock 14,200 X X 2.100 X 5.100 X 2.000 X 43,500 Cash Provided by Financing Activities Net Decrease in Cash Beginning Cash Position, October 31, 2017 Ending Cash Position, October 31, 2018 3,450 X 13.300 16.750 IS