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Incomplete versions of the comparative financial statements of Perot 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 0.9475, or 94.75 percent Inventory turnover for the year ended May 31, 2020, was 11.3620 (Click the icon to view the cash flow statement.) Debt ratio at May 31, 2020, is 0.7925. Required Complete the financial statements. Hint: Start with the income statement, then complete the cash now statement. Finish the balance sheet last. Complete the income statement. (Round your answers to the nearest whole dollar.) Perot Carpet Corp Income Statement For the Year Ended May 31, 2020 Net sales 33.000 9.700 Cost of goods sold Gross margin Selling and general expenses Other expense (income) Income before income tax Income tax expense (25%) 1.150 Net income Perot Carpet Corp. Balance Sheet May 31, 2020 and 2019 2020 2019 Assets Current assets Cash $ (1) $ 400 1,950 1,630 Short-term investments Receivables, net Inventories 4,550 3,726 1,400 (g) 1,250 340 Prepaid expenses Total current assets (h) 24,500 7,346 20,000 Property, plant, and equipment, net $ 27,346 Total assets Liabilities Current liabilities $ $ 9,270 0) 7,500 17,000 Long-term liabilities Total liabilities (k) 24,500 chandell Liabilities Current liabilities $ $ 7,500 9,270 (0) 17,000 Long-term liabilities Total liabilities (k) 24,500 Shareholders' Equity $ (1) 2,846 Common shareholders' equity (m) $ 27,346 Total liabilities and shareholders' equity Print Done Perot Carpet Corp. Income Statement For the Year Ended May 31, 2020 Net sales $ 33,000 (a) Cost of goods sold Gross margin Selling and general expenses (b) 9,700 1,150 Other expenses (income) Income before income tax Income tax expense (25%) (c) (d) Net income (e) Perot Carpet Corp. Cash Flow Statement For the Year Ended May 31, 2020 Net cash inflow from operating activities Net cash outflow from investing activities $ 4,500 (2,900) (1,300) Net cash outflow from financing activities Net increase (decrease) in cash during 2020 (n)