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 1,300 Certificate of deposit (6-month) 3,300 Annual earnings from part-time job 12,000 Automobile 7,200 Balance on automobile loan (current portion) 1.450 Balance on automobile loan (long-term portion) 3,600 Home computer 840 Amount owed to you by younger brother 330 Balance in money market account 1.990 Annual tuition 6,900 Video and stereo equipment 1,340 Balance owed on credit card (current portion) 100 Balance owed on credit card (long-term portion) 1,640 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 $