Your own balance sheet.
a. Write-down your own, or an imaginary person’s balance sheet. It should include assets (textbooks, etc.) and liabilities (student loans of at least $100, Money you owe to a friend, etc.). Don't forget to include net worth. [No need to write a long balance sheet].
b. Your uncle Richie Rich transfers $100 through a wire transfer into your checking deposit account. He says that it is a gift, and that you have no obligation to pay it back. Suppose you use the $100 to pay off some of your student loans. Rewrite your balance sheet after all the previous transactions have occurred. Calculate what happens to your net worth.