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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.) Amount owed on student loan balance (long-term) $4.900 Balance in checking account 1.400 Certificate of deposit (6-month) 3,100 Annual earnings from part-time job 12.000 Automobile 7.300 Balance on automobile loan (current portion) 1.450 Balance on automobile loan long-term portion) 3,500 Home computer 840 Amount owed to you by younger brother 400 Balance in money market account 1.990 Annual tuition 6,600 Video and stereo equipment 1,310 Balance owed on credit card (current portion) 110 Balance owed on credit card (long-term portion) 1,610 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 (ht Current Assets in order of liquidity) Balance Sheet Assets Current Assets Cash 3100 Money Market Account 1900 Student Low 6600 1400 I Current Ass 1400 Cash Current Assets Liabilities and Owner's Equity Long-term bites Cash v Current Portion of Automobile Loan 11 eTextbook and Media Assistance Used book Textbook 2 Attempts: 1 of 3 used MacBook Pro