<human>: I'm having a hard time understanding the concept of a balance sheet?
<bot>: A Balance Sheet is an accounting document that summarizes the financial position of a company at a specific point in time. It shows assets, liabilities and equity (net worth) of the company. The assets section includes all the things the company owns such as cash, accounts receivable, inventory, land, buildings and equipment. Liabilities are everything the company owes to others including bank loans, credit cards, and other debts. Equity represents how much the owners have invested in the company and can be calculated by subtracting total liabilities from total assets.