The balance sheet reports the company’s ____ condition on a specific date. The basic equation is ____ = Liabilities + Shareholders’ equity. An asset is anything of value. Assets are ____ according to how easily they can be converted to cash, with current assets (cash, ____, stocks, debtors) being more ____ than fixed, or ____ assets (equipment, ____, buildings, land) . There are also intangible assets, for example ____, the value that a company has including its customers, and ____, which has the power to earn the company money . A liability is anything ____ to a creditor. Liabilities are listed according to how quickly they have to be paid, with ____ liabilities (= bank debts, money owed to suppliers, ____ and bills) being paid before ____ liabilities (____, bonds payable).

Balance sheet

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