Keep it simple. This is all you need to know. A Assets = Things owned. Includes equipment; property and money owed to the organization (Accounts Receivable). minus L Liabilities = Things owed (mostly money).___ Includes things like rent, loan repayment, taxes, and wages owed. (Accounts Payable) OE Owner's Equity = What is left after Liabilities are subtracted from Assets. __The "Bottom-Line" may also describe__ "Profit" or "(Loss)"