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 him by rearranging the items and filling in the blanks.

What is the correct total for the following?
a. Current assets
b. Net fixed assets
c. Total assets
d. Current liabilities
e. Total liabilities
f. Total liabilities and shareholders' equity
g. EBIT
h. Taxable income
i. Net income

BALANCE SHEET Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets 35 Inventories 0 Receivables 50 35 Total current liabilities 350 Interest expense 520 Total liabilities 25 Shareholders' equity Total liabilities and shareholders equity 90 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 700 580 38 25 15 15 12