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 the income statement and whether it is an asset or liability. Help him by rearranging the items and filling in the blanks.

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 liabilites
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	$
Deb due for repayment	$25
Cash	$15
Taxable income
Federal plus other taxes	$15
Depreciation	$12
Net income

What is the correct total for the following?

1. Current assets

2. Net fixed assets

3. Total Assets

4. Current Liabilities

5. Total Liabilities

6. Total Liabilities and Shareholder equity

7. EBIT

8. Taxable income

9. Net Income.