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 balance (long-term) $4,500 Balance in checking account 1,100 Certificate of deposit (6-month) 2,700 Annual earnings from part-time job 10,200 Automobile 6,300 Balance on automobile loan (current portion) 1,400 Balance on automobile loan (long-term portion) 3,600 Home computer 700 Amount owed to you by younger brother 300 Balance in money market account 1,600 Annual tuition 5,800 Video and stereo equipment 1,150 Balance owed on credit card (current portion) 150 Balance owed on credit card (long-term portion) 1,500 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.