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 $ 55 60 Payablea Loss accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets BALANCE SHEET $ 40 Inventories 125 Receivables Total current liabilities $375 Interest expense Total liabilities Shareholders' equity Total liabilities and shareholders equity $ 30 545 $110 Total assets $750 605 43 INCOME STATEMENT Net sales Cont of goods sold Selling, general, and administrative expenses ESTY Debt due for repayment Canh Taxable income Taxes Depreciation Net Income $ 30 20 520 17 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 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.) Assets BALANCE SHEET Liabilities and Shareholders' Equity Payables Debt due for repayment Cash Receivables Inventories S $ 0 Total current assets Property, plant, and equipment 0 Total current liabilities Long-term debt 0 Total abilities Shareholders' equity 0 Net fixed assets Total assets $ $ Total liabilities and shareholders'equilty $ 0 INCOME STATEMENT Net sales INCOME STATEMENT Net sales Cost of goods sold Selling, general, and administrative expenses $ 0 $ 0 $ 0