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 help to advise how to complete 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)$4,800

Balance in checking account1,400

Certificate of deposit (6-month)3,800

Annual earnings from part-time job11,000

Automobile7,500

Balance on automobile loan (current portion)1,490

Balance on automobile loan (long-term portion)3,900

Home computer810

Amount owed to you by younger brother400

Balance in money market account1,800

Annual tuition6,400

Video and stereo equipment1,300

Balance owed on credit card (current portion)130

Balance owed on credit card (long-term portion)1,640

Please advise how to make 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.)