A balance sheet provides an overview of a company's financial position at a specific point in time and it has $3$ main components: assets, liabilities and shareholders equity. One is assets that are the resources owned by the company dn that have economic value. There are two kinds of current assets which are cash, accounts receivable, inventory and other assets that are expected to be converted to cash. The other is non current assets which are long term investments, property, plant equipment and intangible assets such as patents and trademarks. Liabilities is what the company owes to outside parties. Current liabilities are debts or obligations that are due within one year this includes accounts payable and short term loans. Whereas non current liabilities are long term debts that are due beyond one year like bonds payable and long term leases. Lastly shareholders equity is what represents the owners claim after all liabilities have been settled which includes common stock which is the value of shares issued to the shareholder and retained earning which is the profits that have been reinvested in the business rather than paid out. The balance sheet wants to make sure that the liabilities and shareholders equity is equivalent to the assets in order to keep the sheet balanced.

Give your assertion on above information