1.59 / 10 : Current Attempt In Progress Your answer is partially correct. Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives them a basis for planning for the future. In order to evaluate your financial position, you can prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances. (Hint: Some of the items might not be used in your personal balance sheet.) Amount owed on student loan balance (long-term) $4,500 Balance in checking account 1,080 Certificate of deposit (6-month) 2,700 Annual earnings from part-time job 10,170 Automobile 6,300 Balance on automobile loan (current portion) 1,350 Balance on automobile loan (long-term portion) 3,600 Home computer 720 Amount owed to you by younger brother 270 Balance in money market account 1,620 Annual tuition 5,760 Video and stereo equipment 1,125 Balance owed on credit card (current portion) 135 Balance owed on credit card (long-term portion) 1,485 Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use M. Y. Own, Capital. (List Current Assets in order of liquidity.) Balance Sheet Assets Current Assets Cash 1080.00 Money Market Account 1620.00 Video and Stereo Equipment 1125.00 Certificate of Deposit 2700.00 Total Current Assets $ 6525.00 Current Liabilities Student Loan 4500 Automobile Loan 6300 Credit Card Pavable 1485.00 Long-term Liabilities v Liabilities and Owner's Equity Save for Later Last saved 1 hour ago. Attempts: 3 of 5 used Submit