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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

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.
\table[[BALANCE SHEET],[Assets,Liabilities and Shareholders' Equity],[Cash,$,15,Payables,$,35],[Receivables,,35,Debt due for repayment,,25],[nventories,,50,,,],[Total current assets,$,100,Total current liabilities,$,60],[Property, plant, and equipment,,520,,,],[,,,Long-term debt,,350],[F,,,Total liabilities,$,410],[,,,,,],[Net fixed assets,$,520,Shareholders' equity,,90],[Total assets,$,620,Total liabilities and shareholders' equity,$,500]]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
Prepare the balance sheet and income statement by rearranging the above items.
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