Response to the following problem:
Suppose you need a bank loan in order to purchase office equipment for Jan's Perfect Presents, which you own. In evaluating your loan request, the banker asks about the assets and liabilities of your business. In particular, the banker wants to know the amount of your owner's equity.
In your own words, explain the meanings of assets, liabilities, and owner's equity. Also give the mathematical relationship among assets, liabilities, and owner's equity.