If that's the case, it seems even more strange to have the first two parts of the first section repeatedly refer to 'profitability'. But I don't agree that you

If that's the case, it seems even more strange to have the first two parts of the first section repeatedly refer to 'profitability'. But I don't agree that you have to start with facts. I think you can start with the account equation, then go on to types of asset/liability/equity, and only then move on to concrete examples of transactions, and how they impact the balance sheet. And then you compare two snapshots of your balance sheet to show what profit is. You can do all this with concrete examples with virtually no risk (e.g. a lemonade stand where people pay cash before they are served, with almost no equipment to depreciate, no long-lived inventory etc.).