list of financial elements within the different categories of a balance sheet

Elements	Categories
cash	Short-term assets
Account payable	Short-term liabilities
Land	Long-term assets
Property, plant, and equipment	Long-term assets
Inventory	Short-term assets
Account receivable	Short-term assets
Paid in capital	Owners equity
Retained earnings	Owners equity
notes payable	Short-term liabilities
Mortgage	Long term Liabilities

Explain in 2 or 3 paragraphs which sequence the four major financial statements need to be prepared for, and why