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2 ho pots 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 337 Inventories $52 Less accumulated depreciation 122 Receivables Total current assets Total current abilities Long-term debt Interest Expense $27 Property, plant, and equipment Total abilities Net fixed assets Shareholders' equity Total assets Total liabilities and shareholders equity 45 5360 Shipped 530 $98 BOOK Reference 5720 590 40 INCOHE STATEMENT Net sales Cost of goods sold Selling general, and administrative expenses EBIT Debt due for repayent Cash Taxable income $ 27 17 512 14 Depreciation Net Income Prepare the balance sheet and income statement hy rearranging the above items (Be sure to list the assets and libilities in order of M 2 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 0 Bit Assets Liabilities and Shareholders' Equity Skipped eBook Total current assets 5 Beferences Total current liabilities $ 0 Total liabilities . Net fixed asset Total assets D $ $ Total liabilis and shareholders equity 5 0 2 INCOME STATEMENT ts Skipped eBook $ eferences 0 $ $ 0