Which financial statement provides a snapshot of assets, liabilities, and equity as of a specific date?

The balance sheet is the financial statement that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. It presents a detailed breakdown of what the company owns (assets), what it owes (liabilities), and the residual interests of the owners (equity) in the business. This is crucial for stakeholders, including investors and creditors, as it shows the financial position of the company and helps in assessing its stability and liquidity.

In contrast, the income statement summarizes revenues and expenses over a period, revealing the company's performance and profitability during that time frame. The cash flow statement tracks the flow of cash in and out of the business, highlighting the company's cash management and liquidity over a specific period. The statement of retained earnings reflects changes in equity in relation to net income and dividends over a time period and does not provide a comprehensive view of assets and liabilities. Therefore, the balance sheet is the essential statement for obtaining a specific date's financial snapshot.