Assets and liabilities are important elements of a companys financial position a Define assets Give three examples of assets other than cash that might appear in the balance sheet of (1) American Airlines and (2) A professional sports team, such as the Boston Celtics b Define liabilities Give three...

a Assets are economic resources owned by the business entity 1 Among the assets of American Airlines ...

Assets and liabilities are important elements of a companys financial position. a. Define assets. Give three examples

Question:

Assets and liabilities are important elements of a company’s financial position.
a. Define assets. Give three examples of assets other than cash that might appear in the of
(1) American Airlines and
(2) A professional sports team, such as the Boston Celtics.
b. Define liabilities. Give three examples of liabilities that might appear in the of
(1) American Airlines and
(2) A professional sports team, such as the Boston Celtics.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...