What is Balance Sheet in Retail? Explained

A balance sheet in retail is like a financial snapshot, showing what a store owns (assets), what it owes (liabilities), and what's left over for the owners (shareholders' equity) at a specific moment. It's kind of like checking your wallet to see how much cash you have, how much you owe, and what's left for your personal use. For retailers, the balance sheet is a handy tool for understanding their financial standing and making smart money moves.