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. BALANCE SHEET Payables 39 Inventories 54 Less accumulated depreciation 124 Receivables 55 Total current assets Total current liabilities Long-term debt 370 Interest expense 29 Property, plant, and equipment 540 Total liabilities Net fixed assets Shareholders equity 106 Total assets Total liabilities and shareholders equity INCOME STATEMENT Net sales 740 Cost of goods sold 600 Selling, general, and administrative expenses 42 EBIT Debt due for repayment 29 Cash 19 Taxable income Taxes 19 Depreciation 16 Net income 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 liabilities $ Total current assets $ $ Total liabilities $ Net fixed assets $ Total assets $ Total liabilities and shareholders' equity $ INCOME STATEMENT $ $ $ $