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 BALANCE SHEET $ 35 Inventories $50 Less accumulated depreciation Total current assets 120 Receivables 35 Total current liabilities Long-term debt $350 Interest expense $25 Property, plant, and equipment 520 Total liabilities Net fixed assets Shareholders' equity $90 Total assets 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 income $700 580 38 $ 25 15 $ 15 12 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.) Total current assets Net fixed assets Total assets BALANCE SHEET Assets Liabilities and Shareholders' Equity INCOME STATEMENT Total current liabilities Total liabilities Total liabilities and shareholders' equity