Liquid assets refer to the assets that can be easily converted into cash without losing their value. These assets are highly liquid and can be used to meet short-term obligations. On the other hand, inventories refer to the goods that a company holds for sale in the ordinary course of business.

Given:
Current assets = $500,000
Current ratio = 2.5:1
Liquid ratio = 1:1

To find the liquid assets and inventories, we need to calculate the current liabilities first. The current ratio is calculated by dividing current assets by current liabilities. In this case, the current ratio is given as 2.5:1, which means that for every $2.5 of current assets, there is $1 of current liabilities.

Let's assume the current liabilities as "x".

Current assets / Current liabilities = Current ratio
$500,000 / x = 2.5/1

Cross-multiplying, we get:
2.5x = $500,000
x = $500,000 / 2.5
x = $200,000

Therefore, the current liabilities are $200,000.

Now, let's calculate the liquid assets using the liquid ratio. The liquid ratio is calculated by dividing liquid assets by current liabilities. In this case, the liquid ratio is given as 1:1, which means that for every $1 of liquid assets, there is $1 of current liabilities.

Assuming the liquid assets as "y", we can set up the following equation:

Liquid assets / Current liabilities = Liquid ratio
y / $200,000 = 1/1

Cross-multiplying, we get:
y = $200,000

Therefore, the liquid assets are $200,000.

To find the inventories, we subtract the liquid assets from the current assets.

Inventories = Current assets - Liquid assets
Inventories = $500,000 - $200,000
Inventories = $300,000

Therefore, the inventories are $300,000.

In summary:
- Current liabilities = $200,000
- Liquid assets = $200,000
- Inventories = $300,000