Prepaid Insurance
Supplies
net
Accounts Receivable
Temporary Investments
Petty Cash
Cash


difference between assets, liabilities and equity


Asset: assets are economic resources. The balance sheet of a firm records the monetary value of the assets owned by the firm. It is money and other valuables belonging to an individual or business.


Liabilities: s defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of asset , provision of services or other yielding of economic benefits in the future


Equity: equity is the residual claim or interest of the most junior class of investors in asset, after all liabilities are paid.




where are earnings shown on the balance sheet? What do earnings represent in terms of equity?
-its at the bottom left corner