Assets and liabilities are important elements of a company’s financial position.
a.Define assets. Give three examples of assets other than cash that might appear in the balance sheet of (1) American Airlines and (2) a professional sports team, such as the Boston Celtics.
b.Define liabilities. Give three examples of liabilities that might appear in the balance sheet of (1) American Airlines and (2) a professional sports team, such as the Boston Celtics.
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