Where the income-statement covers a period, the balance sheet is a single day, normally the last day of the quarter. That makes it easy to dress up: a company can pay suppliers on the first of the new quarter rather than the last of the old one and show more cash.
The identity that gives it the name is that assets equal liabilities plus shareholders-equity. Every transaction touches at least two lines, which is why the statement is the best cross-check on the other two.
Example: Northwind Tools closes the year with $1,480M of assets, $910M of liabilities and $570M of equity. Of the assets, $210M is cash, $95M receivables, $265M inventory and $520M property and equipment.
Related: assets, liabilities, shareholders-equity, working-capital, income-statement