What is a Balance Sheet? (with examples) We made a balance sheet for "Bright Future Tech Ltd." It's a type of financial statement that shows the company's finances at a certain point in time, in this case December 31, 2023 . It is set up to show what the company owns ( assets ), what it owes ( liabilities ), and how much stock each member has in the business. Here's a full breakdown: Assets are things that a company owns that it thinks will bring it money in the future. They can be broken down into two groups: Current Assets: Assets that will be turned into cash or used up within a year are called current assets. Here are some examples from our balance sheet: As well as cash, there is money in the bank and other types of cash. Customers owe a business money for goods or services that have been provided but not yet paid for. This is called accounts receivable . Inventory is the list of goods that can be bought by customers. Payments made ahead of time for th