3-8 Financial Statements (LO1) 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. Payables BALANCE SHEET $ 52 Inventories $ 67 Less accumulated depreciation Total current assets 137 Receivables 120 Total current liabilities Long-term debt $435 Interest expense $ 42 Property, plant, and equipment 605 Total liabilities Net fixed assets Shareholders' equity $158 Total assets Total liabilities and shareholders' equity INCOME STATEMENT Net sales Cost of goods sold Selling, general, and administrative expenses EBIT Debt due for repayment Cash Taxable income Taxes Depreciation Net income $870 665 55 $ 42 32 $ 32 29 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.) Total current assets BALANCE SHEET Assets Liabilities and Shareholders' Equity $ 0 Total current liabilities $ 0 Total liabilities 0 Net fixed assets $ 0 Total assets $ 0 Total liabilities and shareholders'equity $ 0 INCOME STATEMENT $ 0 $ 0 $ 0