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) Balance in checking account Certificate of deposit (6-month) Annual earnings from part-time job Automobile Balance on automobile loan (current portion) $5,000 1,300 3,400 11,000 7,000 1,490 Balance on automobile loan (long-term portion) Home computer Amount owed to you by younger brother Balance in money market account Annual tuition Video and stereo equipment Balance owed Balance owed on credit card (long-term portion) 3,S00 830 1,840 6,400 1,260 credit card (current portion) 130 1,610