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. Payables Less accumulated depreciation Total current assets. Long-term debt Property, plant, and equipment Net fixed assets Total assets Inventories BALANCE SHEET $ 39 $ 54 124 Receivables 55 Total current liabilities $370 Interest expense $ 29 540 Total liabilities Shareholders' equity $106 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 incone $740 600 42 $ 29 19 $ 19 16