opic 02 Assignment - Ch 03-04 Question 5 of 5 Companies prepare balance sheets in order to know their financial position at a specific point in time. This enab comparison to their position at previous points in time and gives them a basis for planning for the future. In orde financial position, you can prepare a personal balance sheet. Assume that you have compiled the following inform your finances. (Hint: Some of the items might not be used in your personal balance sheet.). Amount owed on student loan balance (long-term) Balance in checking account Certificate of deposit (6-month) $4,500 1,200 3,000 Annual earnings from part-time job 11,000 Automobile 7,000 Balance on automobile loan (current portion) 1,400 Balance on automobile loan (long-term portion) 3,500 Home computer 800 Amount owed to you by younger brother 300 Balance in money market account 1,800 Annual tuition Video and stereo equipment Dalance and an cendik and/ 6,000 1.250 100