A balance sheet is a financial statement that provides a snapshot of a company’s financial position at a given point in time. It provides information on a company’s assets, liabilities, and owner’s equity. Assets represent the resources owned by a company that are used in the production of goods and services whereas, liabilities are the obligations that a company owes to third parties. Owner’s equity is the difference between the total value of a company’s assets and liabilities. The balance sheet is used to analyze the financial condition of a company and to make informed decisions.