1. Jacobs monthly income is $2,800 and his monthly expenses total around $2,000. He has been contemplating how to use his about $800 surplus. He has the following financial records:

Cash in his bank account $560

Investment in a mutual fund which he can easily convert to cash $850

Car (valued at) $12,000

Household personal possessions $2,850

Credit card balances $1,250

Miscellaneous short term debts $520

Student loan balance $8,500

Balance on car loan $4,500

1. Prepare balance sheet for Jacob.