3 ms·
To be a bit more specific: Assets = Liabilities + Equity
by kevmarsden 4y ago
To be a bit more specific: Assets = Liabilities + Equity
- mikeyouse 4y agoRight. Was going to comment the same. If you sell a product for $100 that only cost you $90 to produce, that $10 isn't a 'liability', it's profit / retained earnings (an equity account).