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 $ 49 Inventories Less accumulated depreciation Total current assets 134 Receivables $ 64 105 Total current liabilities Long-term debt $420 Interest expense $ 39 Property, plant, and equipment 590 Total liabilities Net fixed assets Shareholders' equity $146 Total assets Total liabilities and shareholders' equity Net sales INCOME STATEMENT Cost of goods sold Selling, general, and administrative expenses EBIT Debt due for repayment Cash Taxable income Taxes Depreciation Net income $840 650 52 $ 39 29 $ 29 26 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.)