Incomplete and adapted versions of the comparative financial statements of Canadarch Ltd. follow (amounts in thousands).

Ratio data:

• Current ratio at May 31, 2014, is 0.9276, or 92.76 percent.

• Inventory turnover for the year ended May 31, 2014, is 11.362.

• Debt ratio at May 31, 2014, 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.

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CANADARCH LTD. Income Statement For the Year Ended May 31, 2014 Net sales $30,718 Cost of goods sold margin Selling and general expenses Other expense (income Income before income tax Income tax Net income 9,654 1,130 expense (25%) CANADARCH LTD. Balance Sheet May 31, 2014 and 2013 Assets 2014 2013 $ 300 1,630 $ (E) 1,852 4,224 1,300 1,046 168 Prepaid expenses Total current assets Property, plant, and equipment, net Total assets 22,354 19,248 CANADARCH LTD Balance Sheet May 31, 2014 and 2013 2014 2013 Liabilities Current liabilities Long-term liabilities Total liabilities Shareholders' Equity Common shareholders' equity Total liabilities and shareholders equity $ 7,434 15964 9,270 2,720 Cash Flow Statement For the Year Ended May 31, 2014 Net cash inflow from operating activities Net cash outflow from investing Net cash outflow Net increase (decrease) in cash during 2014 $4,324 (2,464) from financing activities