1 answer

Complete the following balance sheet. Assets 12/31/2018 12/31/2019 Change Cash $25,000 $35,000 Marketable Securities $10,000 $15,000...

Question:

complete the following balance sheet. Assets 12/31/2018 12/31/2019 Change Cash $25,000 $35,000 Marketable Securities $10,000 $15,000 Accounts Receivable $1,500 $1,500 Fertilizer and Supplies $500 $25,000 Investments in Growing Crops $48,500 $86,000 Crops held for Sale and Feed $12,000 $8,000 Market Livestock $75,000 $115,000 Total Current Assets Breeding Livestock $45,000 $35,000 Machinery and Equipment $350,000 $315,000 Buildings $75,000 $85,000 Investments in Cooperatives $2,000 $2,000 Land $500,000 $525,000 Total Non-Current Assets Total Assets Flag this Question Question 211.5 pts Complete the following balance sheet. Liabilities and Owners' Equity 12/31/2018 12/31/2019 Change Accounts Payable $80,000 $120,000 Taxes Payable $6,000 $6,000 Accrued Expense $25,000 $45,000 Current Portion, Deferred Taxes $18,500 $40,000 Notes due within one year $65,000 $75,000 Current Portion of Term Debt $30,000 $65,000 Accrued Interest $15,000 $12,000 Total Current Liabilities Noncurrent Portion, Notes Payable $125,000 $100,000 Noncurrent Portion, Deferred Taxes $35,000 $25,000 Noncurrent Portion, Real Estate Debt $150,000 $145,000 Total Non-Current Liabilities Total Liabilities Retained Earnings $300,000 $315,000 $15,000 Valuation Equity $273,750 $283,750 $20,000 Combined Capital $21,250 $21,250 $0 Owner Equity $595,000 $620,000 Total Liabilities and Owners' Equity Flag this Question Question 310 pts Calculate the following entries for this accrual adjusted income statement. Note that some of your answers from the previous questions will be used here. Income Statement (Farm Business Only) - 2019 Farm Business Receipts Cash Crop Sales $595,000 Ending Crop Sales/Feed Inventory Beginning Crop Sales/Feed Inventory Accrual Gross Revenue from Crops 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 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 Change in Growing Crops Change in Breeding Livestock Change in Marketable Securities Change in Investments $0 Gross Revenue Less: Livestock Purchases $0 Cost of Purchased Feed/Grain $0 Value of Farm Production Flag this Question Question 410 pts Complete the rest of the income statement using information calculated in earlier questions. 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 Change in Accrued Expenses Total Cash Operating Expenses Depreciation $85,000 Total Operating Expenses Interest $30,000 Accrued Interest Change Total Interest Expense Total Expenses Net Farm Income from Operations Gain/Loss on Sale of Capital Assets $0 Net Farm Income Unpaid Labor $39,500


Complete the following balance sheet. Assets 12/31/2018 12/31/2019 Change Cash $25,000 $35,000 $10,000 $15,000 $1,500 $1,500
TULUI CUCHIL Assets Breeding Livestock $45,000 $35,000 Machinery and Equipment $350,000 $315,000 Buildings $75,000 $85,000 In
Complete the following balance sheet. Liabilities and Owners Equity 12/31/2018 12/31/2019 Change Accounts Payable $80,000 $1
$125,000 $100,000 $35,000 $25,000 Noncurrent Portion, Notes Payable Noncurrent Portion, Deferred Taxes Noncurrent Portion, Re
Calculate the following entries for this accrual adjusted income statement. Note that some of your answers from the previous
$7,500 Crop Insurance Proceeds Other Farm Income Change in Accounts Receivable Change in Supplies Change in Growing Crops Cha
Complete the rest of the income statement using information calculated in earlier questions. Farm Business Expenses Labor Hir
Change in Accrued Expenses Total Cash Operating Expenses Depreciation $85,000 Total Operating Expenses Interest $30,000 Accru
Complete the following balance sheet. Assets 12/31/2018 12/31/2019 Change Cash $25,000 $35,000 $10,000 $15,000 $1,500 $1,500 Marketable Securities Accounts Receivable Fertilizer and Supplies Investments in Growing Crops Crops held for Sale and Feed $500 $25,000 $48,500 $86,000 $12,000 $8.000 Market Livestock $75,000 $115,000 Total Current Assets Breeding Livestock $45.000 $35,000 Machinery and Equipment $350,000 $315,000 Buildings $75,000 $85,000 Investments in Cooperatives $2,000 $2,000
TULUI CUCHIL Assets Breeding Livestock $45,000 $35,000 Machinery and Equipment $350,000 $315,000 Buildings $75,000 $85,000 Investments in Cooperatives $2,000 $2,000 Land $500,000 $525,000 Total Non-Current Assets Total Assets o te 9
Complete the following balance sheet. Liabilities and Owners' Equity 12/31/2018 12/31/2019 Change Accounts Payable $80,000 $120,000 Taxes Payable $6,000 $6,000 Accrued Expense $25,000 $45,000 $18,500 $40,000 Current Portion, Deferred Taxes Notes due within one year Current Portion of Term Debt $65,000 $75,000 $30,000 $65,000 Accrued Interest $15,000 $12,000 Total Current Liabilities $125,000 $100,000 Noncurrent Portion Notes Payable Noncurrent Portion, Deferred Taxes $35,000 $25,000
$125,000 $100,000 $35,000 $25,000 Noncurrent Portion, Notes Payable Noncurrent Portion, Deferred Taxes Noncurrent Portion, Real Estate Debt Total Non-Current Liabilities $150,000 $145,000 Total Liabilities Retained Earnings Valuation Equity Combined Capital $300,000 $273,750 $21,250 $315,000 $283,750 $21,250 $15,000 $20,000 $0 Owner Equity $595,000 $620,000 Total Liabilities and Owners' Equity
Calculate the following entries for this accrual adjusted income statement. Note that some of your answers from the previous questions will be used here. Income Statement (Farm Business Only) - 2019 $595,000 Farm Business Receipts Cash Crop Sales Ending Crop Sales/Feed Inventory Beginning Crop Sales/Feed Inventory Accrual Gross Revenue from Crops $275,000 $115,000 Livestock and Milk Cash Sales Ending Market Livestock Inventory Beginning Market Livestock Inventory Accrual Gross Revenue from Livestock and Milk $75,000 $7,500 Gain/Loss on Sale of Breeding Livestock Sales Agricultural Program Payments Crop Insurance $25,000 7500
$7,500 Crop Insurance Proceeds Other Farm Income Change in Accounts Receivable Change in Supplies Change in Growing Crops Change in Breeding Livestock Change in Marketable Securities Change in Investments Gross Revenue Less: Livestock Purchases Cost of Purchased Feed/Grain Value of Farm Production
Complete the rest of the income statement using information calculated in earlier questions. Farm Business Expenses Labor Hired Repairs Seed Fertilizer $35,000 $85,000 $75,000 $50,000 $2,500 $8,500 $15,000 $35.000 Machine Hire Veterinarian Expense Marketing Fuel and Utilities Property Tax $19,500 General Farm Insurance $12,500 $3,500 Cash Rent Herbicide and Insecticide Miscellaneous $24.500 $2,500 Change in Accounts Payable Change in Accrued Expenses Total Cash Operating Expenses
Change in Accrued Expenses Total Cash Operating Expenses Depreciation $85,000 Total Operating Expenses Interest $30,000 Accrued Interest Change Total Interest Expense Total Expenses Net Farm Income from Operations Gain/Loss on Sale of Capital Assets Net Farm Income Unpaid Labor $39,500

Answers

The Financial statements have been filled using MS Excel.

The "-" refers to "0".

Assets 12/31/2018 12/31/2019 Change 10,000 5,000 Cash Marketable Securities Account Receivable Fertilizer and Supplies Invest

Liabilities and Owners Equity 12/31/2018 12/31/2019 Change 40,000 Accounts Payable Taxes Payable Accrued Expense Current Por

Income Statement (Farm Business Only))- 2019 Farm Business Receipts Cash Crop Sales Ending Crop Sales/ Feed Inventory Beginni

less: Livestock Purchases Cost of Purchased Feed/Grain Value of Farm Production $ 9,98,500.00 Farm Business Expenses Labor Hi

Total Cash Operating Expenses Depreciation Total Operating Expenses Interest Accrues Interest Change Total Interest Expense $

.

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