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	37		Inventories	52
Less accumulated depreciation	122		Receivables	45
Total current assets			Total current liabilities
Long-term debt	360		Interest expense	27
Property, plant, and equipment	530		Total liabilities
Net fixed assets			Shareholders equity	98
Total assets			Total liabilities and shareholders equity

INCOME STATEMENT
Net sales	720
Cost of goods sold	590
Selling, general, and administrative expenses	40
EBIT
Debt due for repayment	27
Cash	17
Taxable income
Taxes	17
Depreciation	14
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
(Click to select)Long-term debtLess accumulated depreciationInterest expensePayablesTaxable incomeCost of goods soldInventoriesReceivablesSelling, general, and administrative expensesTaxesDepreciationNet IncomeCashEBITDebt due for repaymentProperty, plant, and equipmentNet salesShareholders equity	$	(Click to select)Interest expenseTaxesEBITDepreciationSelling, general, and administrative expensesCost of goods soldInventoriesPayablesNet incomeTaxable incomeLong-term debtLess accumulated depreciationCashProperty, plant, and equipmentReceivablesNet salesShareholders equityDebt due for repayment	$
(Click to select)DepreciationTaxesPayablesShareholders equityEBITInterest expenseCashTaxable incomeLess accumulated depreciationNet IncomeProperty, plant, and equipmentSelling, general, and administrative expensesLong-term debtReceivablesDebt due for repaymentCost of goods soldNet salesInventories		(Click to select)PayablesProperty, plant, and equipmentDepreciationLess accumulated depreciationNet incomeShareholders equityTaxable incomeEBITTaxesInterest expenseReceivablesCashCost of goods soldNet salesSelling, general, and administrative expensesLong-term debtInventoriesDebt due for repayment
(Click to select)CashTaxesPayablesNet IncomeEBITDebt due for repaymentLess accumulated depreciationReceivablesSelling, general, and administrative expensesNet salesCost of goods soldShareholders equityLong-term debtInventoriesProperty, plant, and equipmentDepreciationTaxable incomeInterest expense
		Total current liabilities	$
Total current assets	$	(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equity Net salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxesDepreciationNet income	$	Total liabilities	$
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciation		(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
Net fixed assets	$
Total assets	$	Total liabilities and shareholders' equity	$

INCOME STATEMENT
(Click to select)PayablesLess accumulated depreciationLong-term debtcProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$
(Click to select)Cost of goods soldDepreciationInterest expenseLess accumulated depreciationProperty, plant, and equipmentInventoriesEBITShareholders equitySelling, general, and administrative expensesTaxable incomeTaxesLong-term debtNet incomeCashPayablesDebt due for repaymentReceivablesNet sales
(Click to select)Property, plant, and equipmentTaxable incomeSelling, general, and administrative expensesShareholders equityCost of goods soldReceivablesInventoriesLong-term debtDebt due for repaymentNet incomeNet salesDepreciationEBITLess accumulated depreciationInterest expenseTaxesCashPayables
(Click to select)InventoriesEBITLong-term debtTaxable incomeDepreciationInterest expenseReceivablesNet salesTaxesLess accumulated depreciationPayablesDebt due for repaymentCost of goods soldProperty, plant, and equipmentCashShareholders equitySelling, general, and administrative expensesNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income	$