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) $5,000 Balance in checking account 1,300 Certificate of deposit (6-month) 3,400 Annual earnings from part-time job 11,000 Automobile 7,000 Balance on automobile loan (current portion) 1,490 Balance on automobile loan (long-term portion) 3,500 Home computer 830 Amount owed to you by younger brother 310 Balance in money market account 1,840 Annual tuition 6,400 Video and stereo equipment 1,260 Balance owed on credit card (current portion) 130 Balance 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.) Balance Sheet Assets Current Assets Cash X Money Market Account ITTO Certificate of Deposit Accounts Receivable from Brother Property, Plant and Equipment Automobile 7000 Video and Stereo Equipment Home Computer Il Total Assets Liabilities and Owner's Equity Current Liabilities Current Portion of Credit Card Payable Current Portion of Automobile Loan X Total Current Liabilities Long-term Liabilities Automobile Loan Student Loan 5000 Credit Card Payable Total Long-term Liabilities x! Total Equity IX EX