what can I say back to apply to my peer to add to the conversation Liabilities represent financing provided by individuals and businesses that have claims against the organizations that is fixed by a contract (Reiter., et al., 2018). Equity is an ownership claim on an organization asset that are net assets and a not-for- profit status which represents a dollar value of assets that are remaining when a business's liabilities are removed (Reiter., et al., 2018)