Crossword Genius

It's a total loss all right (7,4)

Ross

I believe the answer is:

nothing left

I'm a little stuck... Click here to teach me more about this clue!

'a total loss all right' is the definition.
I know nothing about this answer so I can't judge whether this works.

'it's' is the wordplay.
I cannot really understand how this works, but
'it' could be 'thing' and 'thing' is located in the answer.
This explanation may well be incorrect...

Can you help me to learn more?

I've seen this clue in The Globe and Mail.
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