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 1.400 Certificate of deposit (6-month) 3,800 Annual earnings from part-time job 11.000 Automobile 7.500 Balance on automobile loan (current portion) 1.490 Balance on automobile loan (long-term portion) 3.900 Home computer 810 Amount owed to you by younger brother 400 Balance in money market account 1,800 Annual tuition 6,400 Video and stereo equipment 1,300 Balance owed on credit card (current portion) 130 Balance owed on credit card (long-term portion) 1,640 Balance Sheet Assets Current Assets Cash Money Market Account Certificate of Deposit Accounts Receivable from Brother 400 Total Current Assets Property. Plant and Equipment Automobile Home Computer Video and Stereo Equipment Total Assets $ Liabilities and Owner's Equity Current Liabilities Total Assets Liabilities and Owner's Equity Current Liabilities Current Portion of Automobile Loan $ Current Portion of Credit Card Payable Total Current Liabilities $ Long-term Liabilities Automobile Loan Credit Card Payable Student Loan Total Long-term Liabilities Total Liabilities Equity MY Own Capital Total Liabilities and Equity