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An explanation of assets, liabilities, equity, and balance sheets in business.
Assets are economic resources controlled by a business that have the potential to produce economic benefits.
Liabilities are present obligations that arise from past events and will lead to the outflow of economic resources.
Equity is the owner's claim on the company's assets, calculated as total assets minus total liabilities.
A balance sheet is a financial statement that reports a company’s assets, liabilities, and owner's equity at a specific date.
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