Schedule of assets and liabilities

A Schedule of Assets and Liabilities is a detailed list that shows what a person or organization owns (assets) and what it owes (liabilities). Assets can include cash, property, and investments, while liabilities include loans, bills, and other debts. This schedule helps provide a clear financial picture, indicating net worth by subtracting total liabilities from total assets. It is often used in financial planning, loan applications, or bankruptcy filings to assess financial health. Understanding this balance is crucial for making informed financial decisions.