What are the main reports generated using the information on the balance sheet

My answer

Balance sheet presents the assets, liabilities, and equity of the entity as of the reporting date, that is as of a specific point in time.

The report format is structured so that the total of all assets equals the total of all liabilities and equity.

Assets are these properties invested in a business to be used in its operation. Example inventory, buildings

Liabilities are legal obligations owed by the business in the form of loans for example.

Equity is the cash or non-cash items invested by the owners/investors.

The importance of balance sheets include detrming if organization has suffient working capital to supports its operation.

To know the business's net worth i.e. an owner /investor own after deducting all the liabilities