Reference no: EM132760064
Question - 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 help to advise how to complete 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) $4,800
Balance in checking account 1,400
Certificate of deposit (6-month) 3,800
Annual earnings from part-time job 11,000
Automobile 7,500
Balance on automobile loan (current portion) 1,490
Balance on automobile loan (long-term portion) 3,900
Home computer 810
Amount owed to you by younger brother 400
Balance in money market account 1,800
Annual tuition 6,400
Video and stereo equipment 1,300
Balance owed on credit card (current portion) 130
Balance owed on credit card (long-term portion) 1,640
Please advise how to make 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. (List Current Assets in order of liquidity.)