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
Payables	$	40		Inventories	$	55
Less accumulated depreciation		125		Receivables		60
Total current assets				Total current liabilities
Long-term debt	$	375		Interest expense	$	30
Property, plant, and equipment		545		Total liabilities
Net fixed assets				Shareholders equity	$	110
Total assets				Total liabilities and shareholders equity

INCOME STATEMENT
Net sales	$	750
Cost of goods sold		605
Selling, general, and administrative expenses		43
EBIT
Debt due for repayment	$	30
Cash		20
Taxable income
Taxes	$	20
Depreciation		17
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
		Cost of goods sold
Total current assets	$	Total current liabilities	$0
Cost of goods sold
		Total liabilities	$0
Net fixed assets	$
Total assets	$	Total liabilities and shareholders'equity	$0

INCOME STATEMENT
	$0
	$0
	$0