Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. 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. Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE SHEET $ 50 Inventories 135 Receivables Total current liabilities $425 Interest expense $ 65 110 $40 595 Total liabilities Shareholders' equity 150 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 Federal plus other taxes. Depreciation Net income $850 655 53 $40 30 $ 30 27 Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.