Situation: Ima Edison Student had a morning class at Edison State Community College. After picking up her new Smart Phone, which she got for a deal for $300, and her computer, which was given to her by her brother and worth about $300, she headed out the door. Ima was trying to manage her money while going to college because she worried about paying back her student loan for which she owed $4,000 and, right now, the only cash she had was the $1,000 sitting in her savings account. Fortunately, she owned her 2010 Ford Ranger free-and-clear because she bought it during high school when she worked a part time job at a local dairy farmer milking cows. The truck was getting old, but it was in good condition and it was still worth about $4,000. As Ima drove to school, she reflected on her first week of Accounting where she learned about the basics of accounting and the accounting equation. It was interesting to her that the accounting equation was so simple and that the balance sheet was just a reflection of that equation. Upon reflection, she wondered what her balance sheet (and net worth) would look like given her financial situation.