On 2024-11-20 08:45:49 -0500 (-0500), Philippe Cloutier wrote:
[...]
> I do not know accounting, but find the last line ("Total
> Liabilities and Net Assets") very confusing. It does not explain
> how it differs from Total Assets.
[...]I too am no accountant, but my understanding is that assets refers to things of value which are owned while liabilities are what is owed. The net difference (totaled liability amounts subtracted from totaled asset values) is "net assets." In a sense, if the organization were to be liquidated, assets would be sold off to cover outstanding liabilities, and what's left over is the "net assets" which is essentially the estimated liquidation value at that time. -- Jeremy Stanley
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