Homework Help Question & Answers

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


· Use the following information to calculate value of farm production, total farm operating expenses, interest expense, net f
· 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 Change in prepaid expenses from 1/10 to 12/10 Cash paid for interest expense $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
0 0
Add a comment
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 expenses=75000

-Change in prepaid expenses. =(2000)

Total. =73000

(c )

Interest expenses

Cash paid for interest expenses=10000

I am not able to solve more some information is missing to complete further parts

Add a comment
Know the answer?
Add Answer to:
· Use the following information to calculate value of farm production, total farm operating expenses, interest...
Your Answer:

Post as a guest

Your Name:
What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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...

  • 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 and owner’s 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...

  • Review Problems 1 Given the following financial information, calculate the missing values $1,000 95,000 Cash Crop...

    Review Problems 1 Given the following financial information, calculate the missing values $1,000 95,000 Cash Crop revenue Grain inventory Total operating expenses Prepaid expenses Notes payable Accrued interest Interest expense Supplies Owner equity 200 10,000 Machinery and equipment Farm real estate Total current assets $75,000 Total current liabilities 150,000 Accounts payable 17,500 Cash investment in growing 14,000 crops 2.000 Net farm income from 800 operations 27,000 Current portion of noncurrent 1.500 debt Deferred portion of noncurrent debt 10,000 500 138,500...

  • Dean Farmer recently won the lottery, and used his winnings to purchase a farm in 2018....

    Dean Farmer recently won the lottery, and used his winnings to purchase a farm in 2018. Dean did not go to college, but rather grew up on a farm, worked as a cabinet maker for 10 years, and then won the lottery. He was able to generate a beginning balance sheet, however he did not have experience with depreciation or market adjustments. Beginning Cost Basis Balance Sheet In addition to the original $75,000 operating loan at the beginning of the...

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

    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...

  • $ 145,600 Use the following information for Longliew Farms to answer problem 5. Crops & feed...

    $ 145,600 Use the following information for Longliew Farms to answer problem 5. Crops & feed revenue Livestock and livestock product revenue Total nonfarm income Total farm operating expenses Depreciation expense Income tax expense Interest expense Withdrawals for family living Principal payments on unpaid operating debts Principal payments on current portions of debt & leases 215,300 12,000 252,629 50,526 10,827 64,962 28,000 29,890 a) Calculate capital replacement and term debt repayment capacity for LongView Farms. b) Calculate capital replacement and...

  • Income Statement Assignment Ramona Rancher has an accounting period from January 1st to December 31st ....

    Income Statement Assignment Ramona Rancher has an accounting period from January 1st to December 31st . Use the following information to complete an income statement for Ramona and evaluate the income statement. Inventory Values January 1st 2018 December 31st 2018 Crops $32,850 $27,440 Livestock $17,600 $29,500 Revenue and Expenses Depreciation $26,700 Crop sold $169,800 Feed Purchased $19,800 Insurance $3,800 Prop. Taxes $3,400 Interest paid $36,400 Misc. Expenses $4,800 Feeder livestock Purchased $46,500 Market Livestock sold $81,660 Seed purchased $6,240 Repairs...

  • Income Statement Assignment Ramona Rancher has an accounting period from January 1st to December 31st ....

    Income Statement Assignment Ramona Rancher has an accounting period from January 1st to December 31st . Use the following information to complete an income statement for Ramona and evaluate the income statement. Inventory Values January 1st 2018 December 31st 2018 Crops $32,850 $27,440 Livestock $17,600 $29,500 Revenue and Expenses Depreciation $26,700 Crop sold $169,800 Feed Purchased $19,800 Insurance $3,800 Prop. Taxes $3,400 Interest paid $36,400 Misc. Expenses $4,800 Feeder livestock Purchased $46,500 Market Livestock sold $81,660 Seed purchased $6,240 Repairs...

  • Use the following information to answer questions 16-18 Sales revenue $778,000 Operating expenses excluding depreciation Depreciation...

    Use the following information to answer questions 16-18 Sales revenue $778,000 Operating expenses excluding depreciation Depreciation expense Unrealized loss on FV-NI investments Loss on sale of equipment Income before income tax Income tax expense Net Income $499,000 66,000 4,000 14,000    583,000 195,000 58,000 $137,000 There were no purchases or sales of trading (FV-NI) investments during 2014. Ellis’s statement of financial position included the following comparative data at December 31: 2014              2013 Accounts receivable $35,000 $54,000 FV-NI investments 22,000 26,000...

  • Information for the next 3 questions. The transactions listed below are from a farmer using a...

    Information for the next 3 questions. The transactions listed below are from a farmer using a single-entry cash accounting system. Using the information provided below to answer the questions that follow. Date Jul. 2012 Aug. 2012 Dec. 2012 Feb. 2013 Feb. 2013 Mar. 2013 Jul. 2013 Aug. 2013 Nov. 2013 Ref 6400 6600 4080 6750 4080 6400 4020 6600 6500 Description Crop expense Depreciation expense Livestock sales Feed and grain expense Livestock sales Crop expense Crop sales Depreciation expense Livestock...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.