Expand Your Critical Thinking 4-8 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) 3,900 Annual earnings from part-time job 12,000 Automobile 7,200 Balance on automobile loan (current portion) 1,470 Balance on automobile loan (long-term portion) 4,000 Home computer 880 Amount owed to you by younger brother 370 Balance in money market account 1,870 Annual tuition 6,300 Video and stereo equipment 1,330 Balance owed on credit card (current portion) 130 Balance owed on credit card (long-term portion) 1,550 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. (List Current Assets in order of liquidity.)
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Expand Your Critical Thinking 4-8 Companies prepare balance sheets in order to know their financial...
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