Assignment for grading - Chapter 3 saved Help Save & EN Submit 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 10 points $51 40 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE SHEET $36 Inventories 121 Receivables Total current liabilities $355 Interest expense 525 Total liabilities Shareholders' equity Total liabilities and shareholders' equity $26 $94 eBook References $710 585 39 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 $ 26 16 5 16 13 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 Swed Help Save & Exit Submit Assignment for grading Chapter 3 Net income 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 10 points Assets Liabilities and Shareholders' Equity ebook + References $ $ Total current assets 0 0 Total current liabilities Total liabilities 0 Not fixed assets Total assets $ $ 0 0 Total liabilities and shareholders'equity $ 0 Help Net fixed assets Total assets Save & Exit $ Subr 0 $ 2 Total abilities and shareholders equity $ 10 points INCOME STATEMENT Book References $ 0 $ 0 $ 0