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.

$\backslash$table$[[$BALANCE SHEET$],[$Payables$,$$$41,$Inventories,$$56$