Assets are what a company USES to operate its business, while its liabilities and equity are two sources that support these assets.

资产是公司用于营业的财产，而公司负债和权益是构成资产的两个来源。

youdao

In order for the balance sheet to balance, total assets on one side have to equal total liabilities plus shareholders' equity on the other.

为了让资产负债表平衡，一边的总资产必须等于另一边的总负债加上股东权益。

youdao

As described above, equity is equal to total assets minus total liabilities.

如上所述，普通股等于总资产减去总债务。

youdao

If its enterprise value falls below its liabilities, equity holders will avoid further losses by a "put" to debt holders, meaning they bail out and let creditors fight over the remains.

FORBES: Default-risk bookies

Naturally there are many other things to consider, like the nature of the assets and liabilities, whether the company is currently making profits or losses, and the ratio of its liabilities to its equity.

FORBES: The Importance of Book Value

Next down the chain of capital, preferred equity and derivatives liabilities are eliminated.

FORBES: A Debt/Equity Swap To Recapitalize European Banks: A Real World Example