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) $5,600 Balance in checking account 1,344 Certificate of deposit (6-month) 3,360 Annual earnings from part-time job 12.656 Automobile 7,840 Balance on automobile loan (current portion) 1.680 Balance on automobile loan (long-term portion) 4,480 Home computer 896 Amount owed to you by younger brother 336 Balance in money market account 2016 1000 317 Topic 02 Assignment Question 4 of 4 -/10 Amount owed to you by younger brother 336 Balance in money market account 2,016 Annual tuition 7,168 Video and stereo equipment 1,400 Balance owed on credit card (current portion) 168 Balance owed on credit card (long-term portion) 1,848 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.) Assets 3 v Liabilities and Owner's Equity 10:10 AM