Explain to your classmates 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? Be sure to format the paper in APA 6^th edition format. Cite/ reference page, 300 words.

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