Vermont A Summary of Your Assets and Liabilities (non-individuals) is a type of financial statement that is used to provide a summary of a business or organization's financial position. It is used to calculate financial solvency and liquidity, and includes both assets and liabilities. Assets on the summary include cash, accounts receivable, inventory, investments, and prepaid expenses. Liabilities include accounts payable, notes payable, interest payable, salaries and wages payable, and taxes payable. Equity is also included in the summary. It includes capital, retained earnings, and other equity accounts. The summary should also include other items such as investments in subsidiaries, investments in affiliates, and other non-current liabilities. The summary should be prepared in accordance with Generally Accepted Accounting Principles (GAAP). The summary should be updated regularly to ensure accuracy and completeness.