Writing Service-Explain what assets, liabilities, and equity are and tell which financial statement includes these items.

Writing Service-Explain what assets, liabilities, and equity are and tell which financial statement includes these items.

Explain what assets, liabilities, and equity are and tell which financial statement includes these items.

On a classified balance sheet, you see current assets and current liabilities as well as long-term assets and long-term liabilities.

Why is it important to classify items as current and long-term?

How would management use this information and how would creditors use this information?