Return to question Problem 3-8 Financial Statements (L01) 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 Payables Less accumulated depreciation Total current met Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE SHEET $ 51 Inventories 136 Receivables Total current liabilities $430 Interest expense 600 Total liabilities Shareholders' equity Total liabilities and shareholders' equity $154 $860 660 INCOME STATEMENT Net sales Cost of goods sold Selling, general, and administrative expenses EBIT Debt due for repayment Cash Taxable income $ 41 Taxe $ 31 Depreciation 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.) Answer is not complete. BALANCE SHEET 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.) Answer is not complete. BALANCE SHEET Liabilities and Shareholders' Equity Assets Cash Receivables Inventories Total current assets Property, plant, and equipment Less accumulated depreciation Net fixed assets Total assets $ 0 Total current liabilities Total liabilities S 0 Total liabilities and shareholders'equity Answer is not complete. INCOME STATEMENT Net sales Answer is not complete. INCOME STATEMENT Net sales X $ Cost of goods sold Selling, general, and administrative expenses Depreciation EBIT Interest expenses Taxable income Net income