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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 $14,500 to purchase land and repaid $3,000 principal on an existing promissory note. In March, the company paid $1,700 cash for dividends and $1,100 to repurchase and eliminate Consultex stock that had previously been issued for $1.100. To improve its cash position, Consultex borrowed $4,700 by signing a new promissory note in May and also issued stock to a new private investor for $11,700 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INC Balance Sheet October 31 2018 2817 Assets Cash Accounts Receivable Prepaid Rent Land $9,498 $12,5e8 13,488 11,788 1,858 2,788 25,50_11,8ee $50,248 $37,908 Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (long-term) Common Stock Retained Earnings $1,858 2,788e 1,188 1,188 13,488 11,788 19,388 8,78e 14,598 13,788 $50,248 $37,988 Total Liabilities and Stockholders' Equity CONSULTEX, INC Income Statement For the Year Ended October 31 2818 2817 Sales Revenue Salaries and Wages Expense Rent Expense Utilities Expenses Income before Income Tax Expense Income Tax Expense Net Income $156, 508 $159,588 97,788 96, 78e 35,78 29,788 19.488 19, 7ee 3,78 13,48e 1,118 $ 2.598 9,388 Requlrec 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 Indlcated wlth a mlnus sign.) CON SULTEX, INC. Statement of Cash Flows For the Year Ended October 31, 2018 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities

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