A balance sheet reports assets, liabilities and equity at a single date. It is a position statement rather than a period activity report. Equipment appears at original cost less accumulated depreciation. The accumulated amount is a contra asset, not an extra liability. Current assets and liabilities are distinguished from longer-term balances.
For a sole proprietor, ending equity includes opening capital, contributions, current profit and withdrawals. A corporation uses retained earnings and dividends instead. Current net income flows into equity even before closing entries are formally posted. The statement must satisfy assets equals liabilities plus equity. If it does not, investigate the ledger and report dates rather than entering an unexplained balancing amount.