Online Exclusive: Accounting Basics for Small Contractors — The Balance Sheet

Assets = Liabilities + Owners’ Equity Assets are the things that a company owns. There are current assets and long-term assets. Liabilities are the debts the company owes. Some examples are accounts payable, payroll taxes payable and loans payable. Owner’s Equity is the amount of assets left over after all the liabilities of the company are paid.  

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