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Use the following information to calculate value of farm production, total farm operating expenses, interest expense,...

Use the following information to calculate value of farm production, total farm operating expenses, interest expense, net farm income from operations ands owner equity. Use the value of farm production format. Crop sales of new crop Crop sales of old crop Change in crop inventory from 1/10 to 12/10 Change in accounts payable from 1/10 to 12/10 Change in accounts receivable from 1/10 to 12/10 Government payments received in 2010 Cash received for sale of tractor Market livestock purchases Feed purchases Cash paid for operating expenses Capital gain on sale of tractor Ch 1/10 to 12/10 $90,000 35,000 -15.000 7.500 20.400 12.500 30.000 3,000 25.000 75,000 4.300 2.000 10,000 ange in prepaid expenses from Cash paid for interest expenseChange in noncurent deferred taxes Change in accrued interest Depreciation Family living withdrawals Tractor purchase Income taxes paid Change in accrued income taxes Net income Valuation changes of all capital assets Owner equity 1/1/10 2.000 3.000 12.500 22.500 37.500 6,000 -3.000 20.000 32.000 325.000

Use the following information to calculate value of farm production, total farm operating expenses, interest expense, net farm income from operations ands owner equity. Use the value of farm production format. Crop sales of new crop Crop sales of old crop Change in crop inventory from 1/10 to 12/10 Change in accounts payable from 1/10 to 12/10 Change in accounts receivable from 1/10 to 12/10 Government payments received in 2010 Cash received for sale of tractor Market livestock purchases Feed purchases Cash paid for operating expenses Capital gain on sale of tractor Ch 1/10 to 12/10 $90,000 35,000 -15.000 7.500 20.400 12.500 30.000 3,000 25.000 75,000 4.300 2.000 10,000 ange in prepaid expenses from Cash paid for interest expense
Change in noncurent deferred taxes Change in accrued interest Depreciation Family living withdrawals Tractor purchase Income taxes paid Change in accrued income taxes Net income Valuation changes of all capital assets Owner equity 1/1/10 2.000 3.000 12.500 22.500 37.500 6,000 -3.000 20.000 32.000 325.000
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Answer #1

(A) Value of Farm Production

Sale of new crop 90000

Sale of old crop 35000

Change in Inventory (-15000)

Total 110000

(B) Total Farm Operating expenses

Cash paid for operating Expense 75000

(-)Change in prepaid Expense   (2000)

Depreciation 12500

Total 85500

(C) Interest Expenses

Cash paid for interest expense + Change in accrued Interest

10000 + (-3000) = 7000

(D) Net Farm Income

Total sale 125000

Total 125000

Feed purchase 25000

Operating Expenses 85500

Interest 7000

Change in Inventory (-15000)

Total (103500)

Profit before Tax 22500

Tax Expense (1000)

Current 3000

Deferred (-2000)

Net Profit 21500

(E) Owner's Equity

Opening balance 325000

Net income 20000

Withdrawal (22500)

Total 322500

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