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.

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.)

Why is this wrong, please correct me wrong, thanks

35 $ 50 120 35 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets BALANCE SHEET $ Inventories Receivables Total current liabilities $ 350 Interest expense Total liabilities Shareholders' equity Total liabilities and shareholders' equity $ 25 520 $ 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 Answer is not complete. Assets Cash $ BALANCE SHEET Liabilities and Shareholders' Equity 15 Payables 35 Debt due for repayment 50 $ OOO 35 25 Receivables Inventories $ $ Total current assets Property, plant, and equipment Depreciation 60 350 o 100 Total current liabilities 520 Long-term debt (120) X Total liabilities Shareholders' equity $ 410 $ 90 Net fixed assets 1$ 400 Total assets $ 500 Total liabilities and shareholders' equity $ 500