Eric has gathered the information on the next page. He started to set up some financial...
Homework Answers
| Balance Sheet | ||
| 2014 | 2015 | |
| Assets | ||
| Current Assets | ||
| Cash | 50000 | 65000 |
| Market livestock | 20000 | 48000 |
| Total Current Assets | 70000 | 113000 |
| Non-current assets | ||
| Machinary | 350000 | 310000 |
| Building | 130000 | 95000 |
| Land | 550000 | 550000 |
| Total NC assets | 1030000 | 955000 |
| Total Assets | 1100000 | 1068000 |
| Liabilities | ||
| Current Liabilities | ||
| Account Payable | 10000 | 13000 |
| Cur, port. Term debt | 40000 | 46000 |
| Total current liabilities | 50000 | 59000 |
| Non current liabilities | ||
| Mortage | 380000 | 334000 |
| Total Non current liability | 380000 | 334000 |
| Total Liabilities | 430000 | 393000 |
| Owner Equity | 670000 | 675000 |
| Total | 1100000 | 1068000 |
| Income statement | |
| Revenue | Amount |
| Cash Receipt | 725000 |
| chg. Live stock inventory | 28000 |
| Gross Revenue | 753000 |
| Expenses | |
| Cash operating expenses | 520000 |
| Non cash adj. | |
| Change Acc pay | 3000 |
| machinery depreciation | 40000 |
| Building depreciation | 35000 |
| Total operating expenses | 598000 |
| Interest expense | 44000 |
| Total Farm expense | 642000 |
| NFIO | 111000 |
| Income tax | 25000 |
| Net Income | 86000 |
| Statement Of owner Equity | |
| Details | Amount |
| Beginning owner equity | 670000 |
| chngs cap. Contr. RE | |
| Net Income | 86000 |
| Withdrawals | -81000 |
| contribution capital | 0 |
| Total changes in contri capital | |
| and retained earnings | 5000 |
| Ending owner equity | 675000 |
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Eric has gathered the information on the next page. He started
to set up some financial...
Fill in all of the boxes to complete the financial statements Balance Sheet/(cost basis) 2014 2015...
Fill in all of the boxes to complete the financial statements
Balance Sheet/(cost basis) 2014 2015 2014 2015 Assets Current assets Cash Market Livestock Liabilities Current Liabilities Accounts Payable Cur. Port term debt 50,000 20,000 70,000 65,000 48,000 113,000 10,000 40,000 50,000 13,000 46,000 59,000 Total Current assets Total Cur. Liabilities Non-current Assets Machinery Building Land Total NC Assets Non-current Liabilities Mortgage Total NC Liabilities 380,000 380,000 334,000 334,000 350,000 130,000 550.000 1,030,000 310,000 95,000 550,000 955,000 Total Liabilities 430,000...
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...
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...
A farm business manager has just finished preparing end of year financial statements for the business....
A farm business manager has just finished preparing end of year financial statements for the business. The following financial information was determined: Current assets – beginning of year $200,000 Total assets – beginning of year $600,000 Current liabilities – beginning of year $100,000 Total liabilities – beginning of year $150,000 Total equity – beginning of year $450.000 Current assets – end of year $250,000 Total assets – end of year $800,000 Current liabilities – end of year $150,000 Total liabilities – end of year $300,000 Total equity – end...
Given the above Finacail Statemtns, Calculate all of the missing performance measures in sheet “PM” (below)...
Given the above Finacail Statemtns, Calculate all of the missing
performance measures in sheet “PM” (below) for Vandelay Farms.“CF”
is the statement of cash flow summary for Vandelay Farms. Based on
the performance ratios, is Vandelay Farms in any kind of financial
trouble? Why or why not?
Balance Sheet Summary for Vandelay Farms Historica Pro 2017 Current assets Cash, savings, and marketable securities Crops, feed, and supplies Market livestock Accounts receivable Other current assets All personal assets Total current assets...
Income statement and the net worth (balance sheet) statement Net Income Statement Name: Grumpy Farms Year:...
Income statement and the net worth (balance sheet) statement Net Income Statement Name: Grumpy Farms Year: 2018 $293,328 283,815 577,143 Cash farm income Corn Sales Hog Sales Gross Cash farm income Inventory changes* Corn Total inventory change Gross farm revenue 21.850 21,850 $598,993 $367,800 53.000 Cash farmexpenses Depreciation Total operating expenses Total interest expense Total expenses $420,800 $39.000 $459,800 Net farm income from operations (NFIO) $139,193 Capital Adjustments Machinery (sold tractor) Net Farm Income (NFI) $151,693 $45,000 Note: the unpaid...
Table 1: Records of JKJ Farm as of January 2017. Amount $ Items Vehicles Cash in...
Table 1: Records of JKJ Farm as of January 2017. Amount $ Items Vehicles Cash in the bank Land Current portion of term debt Accounts payable Depreciation on machinery Breeding stock Hay on hand Income tax payable Other accrued expenses Calves to be sold in 15 days Grain on hand Accounts receivable Real estate debt Prepaid expenses Notes payable on machinery (due in 6 years) Vehicles Buildings 7,000 60,000 400,000 57,000 123,000 3,700 131,000 19,000 16,800 19,700 48,000 40,000 40,000...
Given the following financial information, calculate the missing values: $1,000 95,000 Cash Crop revenue Grain inventory...
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 Owners' equity Machinery and equipment Farm real estate Total current assets Total current liabilities Accounts payable Cash investment in growing crops Net farm income Current portion of long-term debt Deferred portion of long-term debt $75,000 150,000 17,500 14,000 2,000 800 27,000 1,500 200 10,000 10,000 500 138,500
The comparative statements of financial position for the years 2017 and 2018 and a summarized income...
The comparative statements of financial position for the years 2017 and 2018 and a summarized income statement for the year ending 2018 of Genie Marketing Pte Ltd are shown below. Genie had no non-cash financing and investing transactions during 2018. During the year, there were no sales of land or machinery. Genie Marketing Pte Ltd Comparative Statements of Financial Position 31 December 2018 2017 $ 21,000 $ 18,700 46,500 43,100 84,300 89,900 10,000 35,100 146,200 123,700 (30,000) (45,300) $287,800 $255,400...
Canadian Bacon Inc. financial statements are presented in the table below. Based on the information...
Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate operating cycle. Balance Sheet December 31, 2014 Cash and marketable securities $132,000 Accounts payable $399,000 Accounts receivable $311,000 Notes payable $98,500 Inventories $512,000 Accrued expenses $89,300 Prepaid expenses $11,300 Total current liabilities $586,800 Total current assets $966,300 Long-term debt $799,400 Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000 Less: accumulated depreciation $398,000 Retained Earnings...
Fill in all of the boxes to complete the financial statements
Balance Sheet/(cost basis) 2014 2015 2014 2015 Assets Current assets Cash Market Livestock Liabilities Current Liabilities Accounts Payable Cur. Port term debt 50,000 20,000 70,000 65,000 48,000 113,000 10,000 40,000 50,000 13,000 46,000 59,000 Total Current assets Total Cur. Liabilities Non-current Assets Machinery Building Land Total NC Assets Non-current Liabilities Mortgage Total NC Liabilities 380,000 380,000 334,000 334,000 350,000 130,000 550.000 1,030,000 310,000 95,000 550,000 955,000 Total Liabilities 430,000...
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...
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...
Given the above Finacail Statemtns, Calculate all of the missing
performance measures in sheet “PM” (below) for Vandelay Farms.“CF”
is the statement of cash flow summary for Vandelay Farms. Based on
the performance ratios, is Vandelay Farms in any kind of financial
trouble? Why or why not?
Balance Sheet Summary for Vandelay Farms Historica Pro 2017 Current assets Cash, savings, and marketable securities Crops, feed, and supplies Market livestock Accounts receivable Other current assets All personal assets Total current assets...
Income statement and the net worth (balance sheet) statement Net Income Statement Name: Grumpy Farms Year: 2018 $293,328 283,815 577,143 Cash farm income Corn Sales Hog Sales Gross Cash farm income Inventory changes* Corn Total inventory change Gross farm revenue 21.850 21,850 $598,993 $367,800 53.000 Cash farmexpenses Depreciation Total operating expenses Total interest expense Total expenses $420,800 $39.000 $459,800 Net farm income from operations (NFIO) $139,193 Capital Adjustments Machinery (sold tractor) Net Farm Income (NFI) $151,693 $45,000 Note: the unpaid...
Table 1: Records of JKJ Farm as of January 2017. Amount $ Items Vehicles Cash in the bank Land Current portion of term debt Accounts payable Depreciation on machinery Breeding stock Hay on hand Income tax payable Other accrued expenses Calves to be sold in 15 days Grain on hand Accounts receivable Real estate debt Prepaid expenses Notes payable on machinery (due in 6 years) Vehicles Buildings 7,000 60,000 400,000 57,000 123,000 3,700 131,000 19,000 16,800 19,700 48,000 40,000 40,000...
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 Owners' equity Machinery and equipment Farm real estate Total current assets Total current liabilities Accounts payable Cash investment in growing crops Net farm income Current portion of long-term debt Deferred portion of long-term debt $75,000 150,000 17,500 14,000 2,000 800 27,000 1,500 200 10,000 10,000 500 138,500
The comparative statements of financial position for the years 2017 and 2018 and a summarized income statement for the year ending 2018 of Genie Marketing Pte Ltd are shown below. Genie had no non-cash financing and investing transactions during 2018. During the year, there were no sales of land or machinery. Genie Marketing Pte Ltd Comparative Statements of Financial Position 31 December 2018 2017 $ 21,000 $ 18,700 46,500 43,100 84,300 89,900 10,000 35,100 146,200 123,700 (30,000) (45,300) $287,800 $255,400...
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