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

Amount owed on student loan balance (long-term)$5,000Balance in checking account1,400Certificate of deposit (6-month)3,300Annual earnings from part-time job11,000Automobile7,100Balance on automobile loan (current portion)1,470Balance on automobile loan (long-term portion)4,000Home computer820Amount owed to you by younger brother320Balance in money market account1,980Annual tuition6,100Video and stereo equipment1,320Balance owed on credit card (current portion)120Balance owed on credit card (long-term portion)1,600