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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.
Amount owed on student loan balance (long-term) ........$5,000Balance in checking account ..................1,200Certificate of deposit (6-month) ................3,000Annual earnings from part-time job ..............11,300Automobile ........................7,000Balance on automobile loan (current portion) ............1,500Balance on automobile loan (long-term portion) ..........4,000Home computer ........................800Amount owed to you by younger brother ..............300Balance in money market account .................1,800Annual tuition .......................6,400Video and stereo equipment .................1,250Balance owed on credit card (current portion) ............150Balance owed on credit card (long-term portion) .........1,650Instructions
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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