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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.
tableBALANCE SHEETAssetsLiabilities and Shareholders' EquityCash$Payables,$ReceivablesDebt due for repayment,,nventoriesTotal current assets,$Total current liabilities,$Property plant, and equipment,,Longterm debt,,FTotal liabilities,$Net fixed assets,$Shareholders' equity,,Total assets,$Total liabilities and shareholders' equity,$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 $ Inventories $
Less accumulated depreciation Receivables
Total current assets Total current liabilities
Longterm debt $ Interest expense $
Property, plant, and equipment Total liabilities
Net fixed assets Shareholders equity $
Total assets Total liabilities and shareholders equity
INCOME STATEMENT
Net sales $
Cost of goods sold
Selling, general, and administrative expenses
EBIT
Debt due for repayment $
Cash
Taxable income
Federal plus other taxes $
Depreciation
Net income
Prepare the balance sheet and income statement by rearranging the above items.
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