Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. 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	$ 35	Inventories	$ 50
Less accumulated depreciation	120	Receivables	35
Total current assets		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

INCOME STATEMENT
Net sales	$ 700
Cost of goods sold	580
Selling, general, and administrative expenses	38
EBIT
Debt due for repayment	$ 25
Cash	15
Taxable income
Federal plus other taxes	$ 15
Depreciation	12
Net income	30

Prepare the balance sheet and income statement by rearranging the above items.

Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.

Says the depreciation column is wrong.