The Balance Sheet While an income statement reports the results of business operations over a period of time, a balance sheet provides a snapshot of a business's.financial position at a specific point in time. Thus, a balance sheet captures the cumulative effects of all earlier financial decisions. At a given point in time, the balance sheet shows the assets a firm owns, the liabilities (or debt) outstanding or owed, and the amount the owners have invested in the business (ownership equity). In its simplest form, a balance sheet follows this formula: Total assets = Debt + Ownership equity (keep this formula in mind when completing any Balance Sheet) Susan's Dog Grooming Business has completed one year of operation. She has been doing a good job of recording her monthly revenue, asset purchases, and expenses for the year. Since she is seeking additional financing from her bank, Susan needs to create a Balance Sheet to present to her lending officer. For this week's assignment you need to create her balance she