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  3. 2. henry josstick has just started his...

2. Henry Josstick has just started his...

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Accounting

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2. 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. Help him by rearranging the items and filling in the blanks. Fort BALANCE SHEET $50 Payables $.35 Inventories 35 Less accumulated depreciation 120 Receivables Total current assets Total current liabilities $25 Long-term debt $350 Interest expense 520 Property, plant, and equipment Total liabilities $90 Net fixed assets Shareholders' equity Total liabilities and shareholders equity Total assets INCOME STATEMENT $700 Net sales 580 Cost of goods sold Selling, general, and administrative expenses 38 EBIT $.25 Debt due for repayment 15 Cash Taxable income $. 15 Taxes 12 Depreciation Net income What is the correct total for the following? (L03-1) a. Current assets - O Net fixed assets - b. C. Total assets d. Current liabilities e. Total liabilities f. Total liabilities and shareholders' equity g. h. EBIT Taxable income i. Net income

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