Current Attempt in Progress 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.) $4,500 1,300 3,400 12,000 7,500 1,410 3,900 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) 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 on credit card (current portion) Balance owed on credit card (long-term portion) 860 320 1,880 6,300 1,300 150 1,600 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 Current Assets $ 1300 Certificate of Deposit 3900 Accounts Receivable from Brother 320 Money Market Account 1880 Total Current Assets $ 7400 Video and Stereo Equipment 1300 Home Computer 860 Automobile 7500 9660 Total Assets $ 17060 Liabilities and Owner's Equity Current Liabilities Current Portion of Automobile Loan $ 1410 Current Portion of Credit Card Payable 150 Total Current Assets $ 1560 Long-term Liabilities Automobile Loan 3900 Student Loan 4500 Credit Card Payable 1600 Total Long-term Liabilities 10000 Total Liabilities 11560 Equity M. Y. Own, Capital 5500 Total Liabilities and Equity $ 17060