Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them (and other users) 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 need to prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances.

Instructions:

Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use Owner's Equity.

Use the link above to submit a single Word or Excel file with your balance sheet.

1,200 3,000 11,300 7,000 Balance in checking account Certificate of deposit (6-month) Annual earnings from part-time job Automobile Balance on automobile loan (current portion) Balance on automobile loan (long-term portion) Home computer Annual tuition Balance owed on credit card (current portion) Balance owed on credit card (long-term portion) 1,500 4,000 800 6,400 150 1,650