human
I'm having a hard time understanding the concept of a balance sheet?
assistant
A Balance Sheet is an accounting document that shows a company's financial position at a specific point in time. It summarizes all assets, liabilities, and equity of a business. Assets are things like cash, accounts receivable, inventory, investments, etc. Liabilities are debts such as loans and bills due to creditors. Equity is the value of a company’s ownership interest in its assets and liabilities. The balance sheet also shows how much money the company has left over after subtracting its liabilities from its assets. This remaining amount is called net worth or equity.