CT$4\mathrm{.}9$ 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.$)$

Instructions

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.