Accounting Quiz

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AGEC465FinStatementHomeworkOnlineS19.xlsx
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Inc Stmt Answers

Income Statement (Farm Business Only) - 2018
Farm Business Receipts
Cash Crop Sales $595,000
Ending Crop Sales/Feed Inventory $8,000
Beginning Crop Sales/Feed Inventory $20,000
Accrual Gross Revenue from Crops $583,000
Livestock and Milk Cash Sales $275,000
Ending Market Livestock Inventory $115,000
Beginning Market Livestock Inventory $25,000
Accrual Gross Revenue from Livestock and Milk $365,000
Gain/Loss on Sale of Breeding Livestock Sales $7,500
Agricultural Program Payments $25,000
Crop Insurance Proceeds $7,500
Other Farm Income $0
Change in Accounts Receivable $0
Change in Supplies $44,500
Change in Growing Crops $34,500
Change in Breeding Livestock $10,000
Change in Marketable Securities $2,500
Change in Investments $0
Gross Revenue $1,079,500
Less:
Livestock Purchases $0
Cost of Purchased Feed/Grain $0
Value of Farm Production $1,079,500
Farm Business Expenses
Labor Hired $35,000
Repairs $85,000
Seed $75,000
Fertilizer $50,000
Machine Hire $2,500
Veterinarian Expense $8,500
Marketing $15,000
Fuel and Utilities $35,000
Property Tax $19,500
General Farm Insurance $12,500
Cash Rent $3,500
Herbicide and Insecticide $24,500
Miscellaneous $2,500
Change in Accounts Payable $25,000
Change in Accrued Expenses $25,000
Total Cash Operating Expenses $418,500
Depreciation $85,000
Total Operating Expenses $503,500
Interest $30,000
Accrued Interest Change $5,000
Total Interest Expense $35,000
Total Expenses $538,500
Net Farm Income from Operations $541,000
Gain/Loss on Sale of Capital Assets $0
Net Farm Income $541,000
Unpaid Labor $39,500

Bal Sheet Answers

The Family Farm
Assets 12/31/17 12/31/18 Change Liabilities and Owners' Equity 12/31/17 12/31/18 Change
Cash $25,000 $45,000 $20,000 Accounts Payable $75,000 $100,000 $25,000
Marketable Securities $10,000 $12,500 $2,500 Taxes Payable $5,000 $7,500 $2,500
Accounts Receivable $1,200 $1,200 $0 Accrued Expense $25,000 $50,000 $25,000
Fertilizer and Supplies $500 $45,000 $44,500 Current Portion, Deferred Taxes $15,000 $35,000 $20,000
Investments in Growing Crops $115,500 $150,000 $34,500 Notes due within one year $55,000 $85,000 $30,000
Crops held for Sale and Feed $20,000 $8,000 -$12,000 Current Portion of Term Debt $30,000 $75,000 $45,000
Market Livestock $25,000 $115,000 $90,000 Accrued Interest $15,000 $20,000 $5,000
Total Current Assets $197,200 $376,700 $180,000 Total Current Liabilities $220,000 $372,500 $152,500
Breeding Livestock $35,000 $45,000 $10,000 Noncurrent Portion, Notes Payable $125,000 $110,000 -$15,000
Machinery and Equipment $325,000 $300,000 -$25,000 Noncurrent Portion, Deferred Taxes $60,000 $95,000 $35,000
Buildings $65,000 $85,000 $20,000 Noncurrent Portion, Real Estate Debt $175,000 $150,000 -$25,000
Investments in Cooperatives $1,000 $1,000 $0 Total Non-Current Liabilities $360,000 $355,000 -$5,000
Land $500,000 $525,000 $25,000
Total Non-Current Assets $926,000 $956,000 $30,000 Total Liabilities $580,000 $727,500 $147,500
Retained Earnings $257,700 $317,700 $60,000
Valuation Equity $263,750 $283,750 $20,000
Combined Capital $21,250 $3,750 -$17,500
Owner Equity $542,700 $605,200 $62,500
Total Assets $1,123,200 $1,332,700 $209,500 Total Liabilities and Owners' Equity $1,122,700 $1,332,700 $210,000
Using the items below, complete the balance sheet above. All items below are either a current asset, non-current asset, current liability or non-current liability
12/31/17 12/31/18 12/31/17 12/31/18
Investments in growing crops CA $115,000 $150,000 Fertilizer and Supplies CA $500 $45,000
Accounts Payable CL $75,000 $100,000 Accounts Receivable CA $1,200 $1,200
Breeding Livestock NCA $35,000 $45,000 Investments in Cooperatives NCA $1,000 $1,000
Noncurrent portion, Notes Payable NCL $125,000 $110,000 Cash CA $25,000 $45,000
Land NCA $500,000 $525,000 Noncurrent portion, Real Estate Debt NCL $175,000 $150,000
Taxes Payable CL $5,000 $7,500 Crops held for Sale and Feed CA $20,000 $8,000
Market Livestock CA $25,000 $115,000 Accrued Interest CA $15,000 $20,000
Current Portion, Deferred Taxes CL $15,000 $35,000 Notes due within one year CL $55,000 $85,000
Current Portion of Term Debt CL $30,000 $75,000 Marketable Securities CA $10,000 $12,500
Buildings NCA $65,000 $85,000 Machinery and Equipment NCA $325,000 $300,000
Noncurrent portion, Deferred Taxes NCL $60,000 $95,000 Accrued Expenses CL $25,000 $50,000
Retained Earnings RE $257,700 $317,700 Valuation Equity RE $263,750 $283,750
Combined Capital RE $21,250 $3,750