Problem 18-6A Incomplete and adapted versions of the comparative financial statements of Canadarch Ltd. follow (amounts in thousands) Using ratio data to complete a set of financial statements Net Income $4954.000 CANADARCH LTD. Income Statement For the Year Ended May 31, 2017 Net sales Cost of goods sold Gross margin Selling and general expenses Other expense (income) Income before income tax Income tax expense (25%) Net Income $ 30,718 (a) (b) 9.654 1,130 (c) (d) (e) 2017 2016 CANADARCH LTD. Balance Sheet May 31, 2017 and 2016 Assets Current assets: Cash Short-term investments Receivables, net Inventories Prepaid expenses Total current assets Property plant and equipment, net Total assets 1.852 4.224 1,300 $ 300 1.630 3,726 1,046 168 6,870 19,248 $26.118 22,354 $ (1) 38 1999 $ 9,270 $ 7,434 15,964 23,398 Liabilities Current liabilities Long-term liabilities Total liabilities Shareholders' Equity Common shareholders' equity Total liabilities and shareholders' equity (1) (m) 2.720 $26.118 Chapter 18 Financial Statement Analysis 1105 CANADARCH LTD. Cash Flow Statement For the Year Ended May 31, 2017 Net cash inflow from operating activities $4,324 Net cash outflow from investing activities (2.464) Net cash outflow from financing activities (1,130) Net increase (decrease) in cash during 2017 $ in Ratio data: . Current ratio at May 31, 2017, is 0.9276, or 92.76 percent Inventory turnover for the year ended May 31, 2017, is 11.362 Debt ratio at May 31, 2017, is 0.7521, or 75.21 percent Required Complete the financial statements. Start with the income statement, then go to the cash flow statement. Complete the balance sheet last