Financial ratio hw

profileNatalie Lindsey
AGEC465FinStatementHomeworkSolutionOLS20205.xlsx
Home>Business & Finance homework help>Financial ratio hw

Bal Sheet Answers

The Family Farm
Assets 12/31/18 12/31/19 Change Liabilities and Owners' Equity 12/31/18 12/31/19 Change
Cash $25,000 $35,000 $10,000 Accounts Payable $80,000 $120,000 $40,000
Marketable Securities $10,000 $15,000 $5,000 Taxes Payable $6,000 $6,000 $0
Accounts Receivable $1,500 $1,500 $0 Accrued Expense $25,000 $45,000 $20,000
Fertilizer and Supplies $500 $25,000 $24,500 Current Portion, Deferred Taxes $18,500 $40,000 $21,500
Investments in Growing Crops $48,500 $86,500 $38,000 Notes due within one year $65,000 $75,000 $10,000
Crops held for Sale and Feed $12,000 $8,000 -$4,000 Current Portion of Term Debt $30,000 $65,000 $35,000
Market Livestock $75,000 $115,000 $40,000 Accrued Interest $15,000 $12,000 -$3,000
Total Current Assets $172,500 $286,000 $113,500 Total Current Liabilities $239,500 $363,000 $123,500
Breeding Livestock $45,000 $35,000 -$10,000 Noncurrent Portion, Notes Payable $125,000 $100,000 -$25,000
Machinery and Equipment $350,000 $315,000 -$35,000 Noncurrent Portion, Deferred Taxes $35,000 $20,000 -$15,000
Buildings $75,000 $85,000 $10,000 Noncurrent Portion, Real Estate Debt $150,000 $145,000 -$5,000
Investments in Cooperatives $2,000 $2,000 $0 Total Non-Current Liabilities $310,000 $265,000 -$45,000
Land $500,000 $525,000 $25,000
Total Non-Current Assets $972,000 $962,000 -$10,000 Total Liabilities $549,500 $628,000 $78,500
Retained Earnings $300,000 $315,000 $15,000
Valuation Equity $273,750 $283,750 $10,000
Combined Capital $21,250 $21,250 $0
Owner Equity $595,000 $620,000 $25,000
Total Assets $1,144,500 $1,248,000 $103,500 Total Liabilities and Owners' Equity $1,144,500 $1,248,000 $103,500
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
12/31/18 12/31/19 12/31/18 12/31/19
Investments in growing crops CA $48,500 $86,500 Fertilizer and Supplies CA $500 $25,000
Accounts Payable CL $80,000 $120,000 Accounts Receivable CA $1,500 $1,500
Breeding Livestock NCA $45,000 $35,000 Investments in Cooperatives NCA $2,000 $2,000
Noncurrent portion, Notes Payable NCL $125,000 $100,000 Cash CA $25,000 $35,000
Land NCA $500,000 $525,000 Noncurrent portion, Real Estate Debt NCL $150,000 $145,000
Taxes Payable CL $6,000 $6,000 Crops held for Sale and Feed CA $12,000 $8,000
Market Livestock CA $75,000 $115,000 Accrued Interest CA $15,000 $12,000
Current Portion, Deferred Taxes CL $18,500 $40,000 Notes due within one year CL $65,000 $75,000
Current Portion of Term Debt CL $30,000 $65,000 Marketable Securities CA $10,000 $15,000
Buildings NCA $75,000 $85,000 Machinery and Equipment NCA $350,000 $315,000
Noncurrent portion, Deferred Taxes NCL $35,000 $20,000 Accrued Expenses CL $25,000 $45,000
Retained Earnings RE $300,000 $315,000 Valuation Equity RE $273,750 $283,750
Combined Capital RE $21,250 $21,250

Inc Stmt Answers

Income Statement (Farm Business Only) - 2019
Farm Business Receipts
Cash Crop Sales $595,000
Ending Crop Sales/Feed Inventory $8,000
Beginning Crop Sales/Feed Inventory $12,000
Accrual Gross Revenue from Crops $591,000
Livestock and Milk Cash Sales $275,000
Ending Market Livestock Inventory $115,000
Beginning Market Livestock Inventory $75,000
Accrual Gross Revenue from Livestock and Milk $315,000
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 $24,500
Change in Growing Crops $38,000
Change in Breeding Livestock -$10,000
Change in Marketable Securities $5,000
Change in Investments $0
Gross Revenue $1,003,500
Less:
Livestock Purchases $0
Cost of Purchased Feed/Grain $0
Value of Farm Production $1,003,500
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 $40,000
Change in Accrued Expenses $20,000
Total Cash Operating Expenses $428,500
Depreciation $85,000
Total Operating Expenses $513,500
Interest $30,000
Accrued Interest Change -$3,000
Total Interest Expense $27,000
Total Expenses $540,500
Net Farm Income from Operations $463,000
Gain/Loss on Sale of Capital Assets $0
Net Farm Income $463,000
Unpaid Labor $39,500