2. 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. Help him by rearranging the items and filling in the blanks. BALANCE SHEET Payables slovestories 550 Less accumulated deprecation Rece 35 Total current assets Total current is Long-term debet $350 Interest expense Sos Property, plant, and equipment 520 Total $90 Net fixed assets Shareholders equiry Totallid shareholders equity Total Assets INCOME STATEMENT Net als $700 Cost of goods sold S80 Selling geral, and administrative specs 58 EBIT Debt doe for repayment 55 CA 15 Taxable income The Depreciation Netico w the correct total for the following? Creats Net foed here to search Font BALANCE SHEET $50 Payables $. 35 Inventories 35 120 Receivables Less accumulated depreciation Total current assets Total current liabilities $25 Long-term debt $350 Interest expense 520 Property, plant, and equipment Total liabilities $90 Net fixed assets Shareholders' equity Total liabilities and shareholders equity Total assets INCOME STATEMENT $700 Net sales 580 Cost of goods sold Selling, general, and administrative expenses 38 EBIT $ 25 Debt due for repayment 15 Cash Taxable income $ 15 Taxes 12 Depreciation Net income