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 Liabilities: Liabilities include the value of all the company’s debt that must be repaid.

 Owners’ equity: Owners’ equity includes all the value that the company holds for its stockholders.

Each portion of the balance sheet begins with the things that are the most liquid at the top. In other words, the top of each portion includes the things that either must be or otherwise can be converted to cash the quickest. As you make your way down each portion, the items included gradually become either decreasingly liquid or require repayment for longer periods of time.

Assets include the value of everything the company owns and everything the company is owed. Assets fall into two main categories:

 Current assets: Current assets are those assets that a company expects to turn into cash within one year or, for inventories that take more than a year to turn into cash (such as buildings, vehicles, and other things that are usually expensive items), those assets a company expects to sell within one year.