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 yourfinancial 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) Don't use plagiarized sources. Get Your Custom Essay on companies prepare balance sheets in order to know their financial position at a spec 533502 For $10/Page 0nly | $5,000 |
| Balance in checking account | 1,200 |
| Certificate of deposit (6-month) | 3,000 |
| Annual earnings from part-time job | 11,300 |
| Automobile | 7,000 |
| Balance on automobile loan (current portion) | 1,500 |
| Balance on automobile loan (long-term portion) | 4,000 |
| Home computer | 800 |
| Amount owed to you by younger brother | 300 |
| Balance in money market account | 1,800 |
| Annual tuition | 6,400 |
| Video and stereo equipment | 1,250 |
| Balance owed on credit card (current portion) | 150 |
| Balance owed on credit card (long-term portion) | 1,650 |
Instructions
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.
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