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 $ 38 Inventories $ 53 Less accumulated depreciation 123 Receivables 50 Total current assets Long-term debt $365 Total current liabilities Interest expense $ 28 Property, plant, and equipment 535 Total liabilities Net fixed assets Total assets Shareholders' equity Total liabilities and shareholders' equity $102 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 $730 595 41 $ 28 18 $ 18 15 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.) INCOME STATEMENT Total current assets BALANCE SHEET Assets Liabilities and Shareholders' Equity Total current liabilities. Total liabilities Net fixed assets Total assets Total liabilities and shareholders'equity