Schedules of Assets and Liabilities

Schedules of Assets and Liabilities are detailed lists that outline what an individual or organization owns (assets) and what they owe (liabilities). Assets can include cash, property, and investments, while liabilities consist of debts and obligations like loans or mortgages. These schedules provide a snapshot of financial health, showing the net worth by subtracting liabilities from assets. They are often used in financial reporting, budgeting, or legal contexts to assess financial stability and make informed decisions. Essentially, they help individuals and businesses understand their financial position at a given time.