Answer:
1. Assets
2. Liabilities
3. Stockholders' Equity
Step-by-step explanation:
1. Assets: The main component of the balance sheet is "Assets". Asset is a resource which has an economic value to generate income for an individual or an organization. There are current assets (cash, accounts receivables, inventory) that help to operate day to day activities and non-current assets (buildings, land, equipment, patent, goodwill) that provide future benefits.
2. Liabilities: Apart from assets, the company has some debt to pay off before providing the benefits to the stockholders'. It is called Liability. There are two types of liabilities; Current and long-term.
3. Stockholders' Equity: After paying off the liabilities, when all the economic resources and benefits are distributed to the company's owner, it is called stockholders' equity.
These are the three crucial components of a balance sheet.