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 Total 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 $ 700 580 20 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 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.) Assets Cash Receivables Inventories Total current assets Property, plant, and equipment Less accumulated depreciation Net fixed assets BALANCE SHEET | Liabilities and Shareholders' Equity $ 15 Payables $ 35 35 Debt due for repayment 25 501 $ 100 Total current liabilities $ 60 | $ 520 Long-term debt 350 120 Total liabilities $ 410 $ 400 Shareholders' equity $ 90 S $ 500 500Total liabilities and shareholders' $ 500 equity Total assets 580 INCOME STATEMENT Net sales $ 700 Cost of goods sold Selling, general, and 38 administrative expenses EBIT 701 Interest expenses 1 $ 12 Taxable income 145 Taxes M $ (33) Depreciation 12 Net income $ (45)