(Prepare a personal balance sheet, LO 1, 3, 4,5) Make a list of your personal assets and liabilities and try to organize them into an accounting balance sheet format.
Assign values to the assets and the liabilities. Answer the following questions about your balance sheet:

a. How did you determine your equity in your assets?

b. How did you decide what amount to assign to each asset and liability?

c. Did you include your education among your assets? Why or why not? If your personal balance sheet was being prepared according to GAAP, would your education be included as an asset? Explain.