using the indirect method

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 $20,500 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,900 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 $5.900 by signing a new promissory note in May and also issued stock to a new private Investor for $12.900 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INCORPORATED Balance Sheet October 31 2021 2020 $ 9,570 15,800 2,450 30,500 $ 58,320 $ 15,800 12,980 3,900 10,000 $ 42,600 Assets Cash Accounts Receivable Prepaid Rent Land Total Assets Liabilities and Stockholders' Equity Salaries and was Payable Income Taxes Payable Notes Payable (long-tern) Common Stock Retained Earnings tal Liabilities and Stockholders' Equity 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 $ 2,450 1,080 16,800 21,800 16,270 $ 58,320 $ 3,900 1,000 12,900 9,900 14,900 $ 42,600 2021 $ 162,500 98,900 36,900 20.600 6.100 1,830 $ 4,270 2020 $ 165,500 97,900 30,900 20,900 15,800 4,740 $ 11,060 Required: 1. Prepare a properly formatted Statement of Cash Flows for Consultex, Incorporated, for the year ended October 31, 2021 (using the 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 Cash Flows from Investing Activities: Cash Flows from Financing Activities