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 Total current liabilities Long-term debt 365 Interest expense 28 Property, plant, and equipment 535 Total liabilities Net fixed assets Shareholders' equity 102 Total assets Total liabilities and shareholders' equity 730 595 41 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 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.) BALANCE SHEET Assets Liabilities and Shareholders' Equity (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total current liabilities Total current assets (Click to select) $ $ (Click to select) Less accumulated depreciation Total liabilities (Click to select) Net fixed assets Total assets Total liabilities and shareholders' equity INCOME STATEMENT (Click to select) (Click to select) (Click to select) (Click to select) 0 (Click to select) $ (Click to select) $ (Click to select) (Click to select) (Click to select) $