Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. 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 Payables $ 35 Inventories $ 50 Less accumulated depreciation 120 Receivables 35 Total current assets Total current liabilities Long-term debt $ 350 Interest expense $ 25 Property, plant, and equipment 520 Total liabilities Net fixed assets Shareholders equity $ 90 Total assets Total liabilities and shareholders equity INCOME STATEMENT Net sales $ 700 Cost of goods sold 580 Selling, g