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 evaluateyourfinancial 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)$4,900Balance in checking account1,400Certificate of deposit (6-month)3,900Annual earnings from part-time job11,000Automobile7,800Balance on automobile loan (current portion)1,400Balance on automobile loan (long-term portion)3,900Home computer890Amount owed to you by younger brother330Balance in money market account2,000Annual tuition6,100Video and stereo equipment1,320Balance owed on credit card (current portion)120Balance owed on credit card (long-term portion)1,610

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.)