Your salon's balance sheet is a snapshot of your financial state at a given point in time. The balance sheet is comprised of three parts, Assets, Liabilities, and Stockholder's Equity.
The balance sheet will show you your salon's viability on a specific day, and the Profit and Loss statement will show your financial position for a period of time.
Tangible or intangible property that a Corporation controls. Examples in your salon would be cash, inventory, and your merchandise.
A debt or outstanding balance owed to another party requiring a future cash flow for satisfaction or extinguishment. This may be considered short-term (less than twelve months) or long-term (greater than twelve months). Examples in your salon would be accounts payable, expenses, and long-term debt.
A hair salon's equity is simply the difference between your assets subtract your liabilities.