Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for in the balance sheet or income statement and whether it is an asset or liability BALANCE SHEET $ 35 Inventories Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets $50 120 Receivables 35 $25 $90 Total current liabilities $350 nterest terest. expense 520 otal liabilities Shareholders' equity Total assets Total liabilities and shareholders' equity INCOME STATEMEN Net sales Cost of goods sold Selling, general, and administrative expenses EBIT Debt due for repayment Cash Taxable income Taxes Depreciation Net income $700 580 38 S 25 15 s 15 12 Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and labilities in order of their liquidity. Enter all amounts as positive values.)