Incomplete versions of the comparative financial statements of Kayma Carpet Corp. follow (amounts in thousands): KAYMA CARPET
Question:
Incomplete versions of the comparative financial statements of Kayma Carpet Corp. follow (amounts in thousands):
KAYMA CARPET CORP.
Income Statement
For the Year Ended May 31, 2020
Net sales ................................................................... $ 30,718
Cost of goods sold ............................................................. (a)
Gross margin ..................................................................... (b)
Selling and general expenses ..................................... 9,654
Other expense (income) ............................................. 1,130
Income before income tax ............................................. (c)
Income tax expense (25%) ............................................. (d)
Net income .................................................................... $ (e)
KAYMA CARPET CORP.
Cash Flow Statement
For the Year Ended May 31, 2020
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 2020 ........................... $ (n)
Ratio data:
• Current ratio at May 31, 2020, is 0.9276.
• Inventory turnover for the year ended May 31, 2020, is 11.3620.
• Debt ratio at May 31, 2020, is 0.7521.
Required
Complete the financial statements. Round all amounts to the nearest thousand dollars. Start with the income statement, then complete the cash flow statement. Finish the balance sheet last.
Step by Step Answer:
Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood