Dependencies between current assets and current liabilities either through balance cr

A current asset is something you own and that you can sell within one year for a profit.

Let's say you own a company that produces widgets, and you currently have 150 widgets that you can sell for $5 each. those widgets are a current asset because you can sell them and make a profit off of them within a year.

Now, a current liability is something that you owe someone and that has to be paid of within a year.
So you own that same widget company, and you take out a small loan of X amount of dollars on January 3rd. The bank tells you that you must have this paid off by January 3rd of next year. This would be a current liability.