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balance sheet

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ncomplete versions of the comparative financial statements of Muskie Carpet Corp. follow (amounts in thousands). (Click the icon to view the balance sheet.) Ratio data: (Click the icon to view the income statement.) . Current ratio at May 31, 2020, is 0.9875, or 98.75 percent. Inventory turnover for the year ended May 31, 2020, was 13.1250 (Click the icon to view the cash flow statement) Debt ratio at May 31, 2020, is 0.7825. Required Complete the financial statements. Hint: Start with the income statement, then complete the cash flow statement. Finish the balance -X Complete the income statement. (Round your answers to the nearest whole dollar.) Muskie Carpet Corp. Data Table Income Statement For the Year Ended May 31, 2020 Net sales 31,500 Muskie Carpet Corp. Cost of goods sold Income Statement Gross margin For the Year Ended May 31, 2020 Selling and general expenses 9,700 1,130 Net sales Other expense (income) $ Income before income tax Cost of goods sold Income tax expense (25%) Gross margin Selling and general expenses Net income Other expenses (incorne) Income before income tax Income tax expense (25%) Net income 31,500 (a) (6) 9,700 1,130 (d) (e) Print Done Muskie Carpet Corp. Balance Sheet May 31, 2020 and 2019 2020 2019 $ Assets Current assets Cash Short-term investments Receivables, net Inventories $ () 1,852 4,300 1,600 (g) 350 1,750 4,000 1,050 168 Prepaid expenses Total current assets (h) 26,000 Property, plant, and equipment, net 7,318 19,248 26,566 $ $ $ 9,500 0 7,750 16,000 Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Shareholders' Equity Common shareholders' equity (k) 23,750 2,816 (0) (m) $ Total liabilities and shareholders' equity 26,566 Print Done Muskie Carpet Corp. Cash Flow Statement For the Year Ended May 31, 2020 Net cash inflow from operating activities Net cash outflow from investing activities Net cash outflow from financing activities $ 5,100 (2,750) (1,200) (n) Net increase (decrease) in cash during 2020 Print Done

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