The three main components of a balance sheet are total assets (both current and fixed assets), total liabilities, and equity. Assets include accounts receivable balances, inventory, cash, and long-term assets such as patents, bonds, and PP&E (property, plant, and equipment). Liabilities include accounts payable balances, deferred revenue, tax expenses, and loans. Equity describes the stock balances and other shareholder capital accounts as well as retained earnings.