Answer:
see below
Step-by-step explanation:
Assets are valuable items that a person or a business owes. They are classified into current and fixed assets. Assets are the resources available for use by a person or a business. They are in the form of cash, inventory, motor vehicles, properties, buildings, plant and machinery, and many others. Assets are the wealth of an entity.
Liabilities are debts of a business or person. They are what is owed to third parties. Liabilities are express in monetary terms. They are made up of loans, debts, interest payable, accounts payable, or any other obligation a business or a person is expected to pay.