The Balance Sheet is a statement of a company's assets, liabilities, and capital at a specific period of time. Assets = Liabilities + Capital. The Balance Sheet is a "snapshot" of a company's financial standing at one point in time. It is used to determine the financial status of a company, what the company's present value is.
Current Liabilities are all obligations due and payable within one year. These obligations might be cash debts owed, or services paid for but not yet rendered, or goods received but not yet paid for.