A Balance Sheet is a financial statement showing the assets, liabilities, and owner's equity or retained earnings of a company at a specific point in time. Typically a balance sheet is prepared at the end of a month, a quarter, or a year to show the position of the company.
The balance sheet lists assets on the left side of the report, and liabilities and owner equity/retained earnings on the right. The amount in the assets column on the left must equal the total of the liabilities plus equity position on the right.
