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 finandal 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) $5,000 Balance in checking account 1,400 Certificate of deposit (6-month) 3,300 Annual earnings from part-time job 11,000 Automobile 7,100 Balance on automobile loan (current portion) 1,470 Balance on automobile loan (long-term portion) 4,000 Home computer 820 320 Amount owed to you by younger brother 1,980 Balance in money market account 6,100 Annual tuition 1,320 Video and stereo equipment Balance owed on credit card (current portion) Balance owed on credit card (long-term portion) 120 1,600 RSTON BACK NE Prepare a personal balance sheet using the format you have learned for a dlassified 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 Liabilities Cash Money Market Account Certificate of Deposit Accounts Receivable from Brother Total Current Assets Property, Plant and Equipment Liabilities and Owner's Equity Liabilities and Owner's Equity >