Explain to your classmates what assets, liabilities, and equity are and tell which financial statement includes these items

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.

Requirements: 300 words

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APA 342 words