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) $4,100 Balance in checking account 984 Certificate of deposit (6-month) 2,460 Annual earnings from part-time job 9,266 Automobile 5,740 Balance on automobile loan (current portion) 1,230 Balance on automobile loan (long-term portion) 3,280 Home computer 656 Amount owed to you by younger brother 246 Balance in money market account 1,476 Annual tuition 5,248 Video and stereo equipment 1,025 Balance owed on credit card (current portion) 123 Balance owed on credit card (long-term portion) 1,353 Current Assets Cash Assets > > 6A > > > > $ $ Current Liabilities Liabilities and Owner's Equity $ $ $