10 points eBook Print References Mc Graw HIE Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET $ 45 Payables $60 Inventories Receivables Less accumulated depreciation 130 85 Total current liabilities. Total current assets Long-term debt Interest expense. $ 35 $400 570 Total liabilities Property, plant, and equipment Net fixed assets Shareholders' equity $130 Total assets Total liabilities and shareholders' equity INCOME STATEMENT Net sales $800 Cost of goods sold Selling, general, and administrative expenses 630 48 EBIT Debt due for repayment Cash $:35 25 Taxable income Taxes $ 25 Depreciation 22 Net Income Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.) BALANCE SHEET Assets Liabilities and Shareholders' Equity Cash Receivables inventories *** Prau ces Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.) BALANCE SHEET Assets Liabilities and Shareholders' Equity Cash Receivables inventories Total current assets Net fixed assets Total assets Total current liabilities Total liabilities Total liabilities and shareholders'equity INCOME STATEMENT