An asset is an economic resource. A liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events. Equity is the difference between the value of the assets and the amount of the liabilities of something owned.

What assets and liabilities might a company have? How can a company increase its equity? What financial analyses rely on this type of information? Which users need this information to evaluate a company? Please use examples from personal experience, if applicable, to inform your answers.