Assets refer to everything a company owns, from cash to equipment to intellectual property. On a balance sheet, they are divided into current and long-term assets.
For example, a landscaping company lists its assets on the balance sheet as: $15,000 cash, $22,000 in accounts receivable, $80,000 in trucks and trailers, and $12,000 in equipment — divided into current assets (receivables and cash) and long-term assets (equipment and vehicles).
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