Question: Critical Thinking Assignment - Professional Application 1 (PA1) Question 1 of 1 > Current Attempt in Progress -/50 I Companies prepare balance sheets in

Critical Thinking Assignment - Professional Application 1 (PA1) Question 1 of 1 > Current Attempt in Progress -/50 I 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 $4.600 Balance in checking account 1,300 Certificate of deposit (6-month) 3,300 Annual earnings from part-time job 11.000 Automobile 7,400 Balance on automobile loan (current portion) 1420 Balance on automobile loan long-term portion) 4,000 Home computer 850 image text in transcribed

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