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)		$4,800
Balance in checking account		1,200
Certificate of deposit (6-month)		3,400
Annual earnings from part-time job		11,000
Automobile		8,000
Balance on automobile loan (current portion)		1,400
Balance on automobile loan (long-term portion)		3,800
Home computer		870
Amount owed to you by younger brother		300
Balance in money market account		1,810
Annual tuition		6,200
Video and stereo equipment		1,260
Balance owed on credit card (current portion)		120
Balance owed on credit card (long-term portion)		1,650

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.)

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 $ V $