You recently assumed the presidency of a small fastener manufacturing company. It is owned by an elderly woman who wants you to prepare a balance sheet to keep track of her owners equity. As you prepare to do so, you sit at your desk and review financial reports. To begin creating a balance sheet, identify the items that are assets and those that are liabilities.

Balance owed on new equipment loans Select (Assets, Liabilities) Customer invoices for orders you have shipped Select (Assets, Liabilities) Machine screw inventory on hand Select (Assets, Liabilities) Upcoming federal income taxes due Select (Assets, Liabilities) Supplier invoices for raw materials purchased for your inventory Select (Assets, Liabilities) Checking account balance Select (Assets, Liabilities)