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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. $ 67 120 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets BALANCE SHEET $ 52 Inventories 137 Receivables Total current liabilities $435 Interest expense 605 Total liabilities Shareholders' equity Total liabilities and shareholders' equity $ 42 $158 Total assets $870 665 55 INCOME STATEMENT Net sales Cost of goods sold Selling, general, and administrative expenses EBIT Debt due for repayment Cash Taxable income Taxes Depreciation Net income $ 42 32 $ 32 29 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 Assets Liabilities and Shareholders' Equity Cash Receivables Payables Debt due for repayment Depreciation Inventories x Taxable income Total current assets $ 0 Total current liabilities $ 0 Long-term debt > Property, plant, and equipment Depreciation X Total liabilities 0 Shareholders' equity > Net fixed assets $ 0 Total assets $ 0 Total liabilities and shareholders'equity $ 0 Answer is not complete. INCOME STATEMENT Net sales Cost of goods sold Cost of goods sold Selling, general, and administrative expenses x $ 0 EBIT EBIT 0 X X X X Taxable income Taxable income Net income $ 0

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