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After all, the SEC’s main purpose is to illustrate the exact value of a company in the very moment that the data are collected. Unlike other financial reports, the balance sheet doesn’t compile data over a period of time. Instead, it reports the value of all the assets the company currently has, divided into relevant categories, and then also includes the value of the company’s liabilities and owners’ equity, each divided in a manner similar to assets.

Here’s the basic formula for the balance sheet:

Assets = Liabilities + Owners’ equity

So the total value of all assets equals the total value of all liabilities plus all owners’ equity. If the two sides of the equation don’t balance, then someone did something wrong, and it’s time for some no-holds-barred combat accounting! Hooah!

Everything of value in a company falls into three primary categories. Each of these categories represents a portion of the balance sheet:

 Assets: Assets include anything of value that currently belongs to the company or is currently owed to the company. Remember that the company purchases all assets by using capital acquired by incurring debt and selling ownership, so the total assets must balance with the cumulative totals of the other two portions of the balance sheet (see the next two bullets).