Problem $3-8$ Financial Statements $($LO$1)$

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.

Prepare the balance sheet and income statement by rearranging the above items. $($Be sure to list the assets an

their liquidity. Enter all amounts as positive values.$)$