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	48		Inventories	63
Less accumulated depreciation	133		Receivables	100
Total current assets			Total current liabilities
Long-term debt	415		Interest expense	38
Property, plant, and equipment	585		Total liabilities
Net fixed assets			Shareholders equity	142
Total assets			Total liabilities and shareholders equity

INCOME STATEMENT
Net sales	830
Cost of goods sold	645
Selling, general, and administrative expenses	51
EBIT
Debt due for repayment	38
Cash	28
Taxable income
Taxes	28
Depreciation	25
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
(Click to select)Property, plant, and equipmentInterest expensePayablesTaxable incomeNet IncomeLong-term debtDepreciationCost of goods soldLess accumulated depreciationCashSelling, general, and administrative expensesInventoriesDebt due for repaymentEBITShareholders equityReceivablesNet salesTaxes	$	(Click to select)Less accumulated depreciationLong-term debtInterest expenseInventoriesShareholders equityReceivablesSelling, general, and administrative expensesNet incomeCashEBITTaxable incomeCost of goods soldProperty, plant, and equipmentPayablesDepreciationNet salesTaxesDebt due for repayment	$
(Click to select)EBITCashProperty, plant, and equipmentPayablesInventoriesShareholders equityNet IncomeSelling, general, and administrative expensesDepreciationReceivablesTaxesLess accumulated depreciationCost of goods soldNet salesTaxable incomeDebt due for repaymentLong-term debtInterest expense		(Click to select)DepreciationProperty, plant, and equipmentNet incomeLong-term debtShareholders equitySelling, general, and administrative expensesCost of goods soldReceivablesDebt due for repaymentNet salesInterest expenseCashTaxesEBITLess accumulated depreciationInventoriesTaxable incomePayables
(Click to select)PayablesNet IncomeProperty, plant, and equipmentLess accumulated depreciationSelling, general, and administrative expensesCashTaxesCost of goods soldDebt due for repaymentNet salesInterest expenseDepreciationInventoriesTaxable incomeEBITReceivablesShareholders equityLong-term debt
		Total current liabilities	$
Total current assets	$	(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxesDepreciationNet income	$	Total liabilities	$
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciation		(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
Net fixed assets	$
Total assets	$	Total liabilities and shareholders' equity	$

INCOME STATEMENT
(Click to select)PayablesLess accumulated depreciationLong-term debtcProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$
(Click to select)PayablesSelling, general, and administrative expensesCashNet incomeDebt due for repaymentReceivablesShareholders equityProperty, plant, and equipmentLong-term debtTaxesNet salesDepreciationInventoriesCost of goods soldInterest expenseLess accumulated depreciationTaxable incomeEBIT
(Click to select)Taxable incomeReceivablesLong-term debtSelling, general, and administrative expensesNet incomeProperty, plant, and equipmentEBITInventoriesCost of goods soldShareholders equityInterest expenseTaxesLess accumulated depreciationCashNet salesDebt due for repaymentDepreciationPayables
(Click to select)Taxable incomeLong-term debtDepreciationInventoriesLess accumulated depreciationCost of goods soldNet salesSelling, general, and administrative expensesReceivablesPayablesShareholders equityInterest expenseProperty, plant, and equipmentNet incomeTaxesCashEBITDebt due for repayment
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$