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. $ 50 35 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets BALANCE SHEET $ 35 Inventories 120 Receivables Total current liabilities $350 Interest expense 520 Total liabilities Shareholders equity Total liabilities and shareholders equity $ 25 $ 90 Total assets $700 580 38 INCOME STATEMENT Net sales Cost of goods sold Selling, general, and administrative expenses EBIT Debt due for repayment Cash Taxable income Taxes Depreciation Net income $ 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.) BALANCE SHEET Assets Liabilities and Shareholders' Equity Total current assets Total current liabilities Total liabilities Net fixed assets Total assets Total liabilities and shareholders' equity INCOME STATEMENT