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 need to prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances. (Note: Some of the items might not be used in your personal balance sheet.)

amount owed on student loan (long term)	$4200
balance in checking account	$1000
certificate of deposit (6 month)	$2500
annual earnings from part-time job	$9500
automobile	$5900
balance on automobile loan (current portion)	$1300
balance on automobile loan (long-term portion)	$3400
home computer	$700
amount owed to you by younger brother	$300
balance, and money market account	$1500
annual tuition	$5400
video and stereo equipment	$1050
balance owed on credit card (current portion)	$150
balance owed on credit (long-term portion)	$1400

Prepare a personal balance sheet, using the format. You have learned for a classified balance sheet for a company. For the equity account, use owners equity, and determine its balance using the accounting equation.

Balance Sheet

Assets

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liabilities and owners equity

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