Balance sheet equation: Asset = Liabilities + Equity.
An Asset is something valuable that an entity owns, benefits from, or has use of, in generating income.
A Current assets include cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash. 
A Non Current assets are long-term assets that a company expects to hold over one financial year that cannot readily be converted to cash within a year eg Investments, Property & Plant, Intangibles.
A liability is a debt, obligation or responsibility by an individual or company such as Accounts Payable.
Current liabilities are debts that are due within 12 months or the yearly portion of a long term debt.
Long-term liabilities are due more than a year after the balance sheet date.
Owner's equity is the amount of assets minus the amount of liabilities.
Retained earnings = Cumulative net income minus cumulative dividends paid to shareholders.
Net Profit after tax =(Total Revenue – Total Expenses)/Total Revenue = Net Profit/Total Revenue = After-Tax Profit Margin. By dividing net profit by total revenue, we can see what percentage of revenue made it all the way to the bottom line, which is good for investors.
The net income formula is calculated by subtracting total expenses from total revenues