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I Have to fill out a net worth statement and am lost please help It is...

I Have to fill out a net worth statement and am lost please help

It is January 2 and the owner of Farms on the Brazos is putting together an annual net worth statement for the farming busine13. They owe Crop Managers, Inc. $1,500 for taking soil samples in November. 14. They owe $60,000 to Agce Credit for their coNET WORTH STATEMENT Name: Farms on the Brazos Date: January 2, 20 FARM ASSETS Cost Value Market Value FARM LIABILITIES MarketThe answer is either right or it is wrong. There is no partial credit. 1. Total Farm Assets (cost value) 2. Total Farm Assets

It is January 2 and the owner of Farms on the Brazos is putting together an annual net worth statement for the farming business. He has assembled the following items of information. Help him fit it all of these items together using the attached blank Net Worth statement. 1. The farm bank account has a balance of $4,250. a. C. 2. The grain inventory is as follows: Corn in storage is 44,000 bushels. Current market price is $2.25. b. They sold a 10,000-bu. futures contract for $2.45 per bushel in October. Current futures price is $2.30. They have 7,000 bu. of soybeans contracted for March delivery at $5.00 per bushel. Current soybean price is $4.50. 3. The livestock inventory is as follows: 1,200 head of 50-pound feeder pigs. Current value is $50 each. b. 800 head of pigs weighing about 150 pounds. Current market price for 250- pound market hogs is $.40 per pound ($100 per head), so value them at $75 each. 100 sows, valued at $150 each, and 8 boars worth $500 each. a. 4. They have 300 bags of purchased seed in storage for which they paid $80 per bag. 5. In November, they applied $17,000 worth of fertilizer on their cropland. 6. They also prepaid the elevator $20,000 for additional fertilizer for delivery and application in April. 7. In December, he sold 150 feeder pigs to a nephew for $8,000, to be paid when the pigs are sold in February. 8. Their other machinery and equipment have a depreciated value of $217,000 from their depreciation schedule, but they estimate its market value at $240,000. 9. The farm has several older buildings that added $50,000 to the purchase price of the farm 10 years ago. They have deducted $24,000 in depreciation expense from that purchase, so far. Their estimated market value is $30,000. 10. They own 240 acres of farmland that they purchased ten years ago for $315,000. They estimate its current value at $480,000. They also rent 500 acres of cropland for $125 per acre. 11. He owns a motorboat used for waterskiing, worth $14,500. 12. The current operating loan with Farm Credit is $87,300, with accumulated interest of $2,370.
13. They owe Crop Managers, Inc. $1,500 for taking soil samples in November. 14. They owe $60,000 to Agce Credit for their combine, at 8% interest. Their last payment was made December 1. Next December 1, they will have to pay $20,000, plus interest of $4,800. 15. 16. They owe $100,000 for purchase of the farm, at 6% annual interest. They made a payment last March 1. Their next payment will be March 1, principal of $8,000, plus interest.
NET WORTH STATEMENT Name: Farms on the Brazos Date: January 2, 20 FARM ASSETS Cost Value Market Value FARM LIABILITIES Market Value Checking and Savings Accounts Accounts payable Farm taxes due Short-term notes and credit lines Accrued interest - short - intermediate - long-term Due in 12 mo. - intermediate - long-term Other Crops held for sale or feed Investment in growing crops Commercial feed on hand Prepaid expenses Market livestock Supplies on hand Accounts receivable Other-hedging gain Total Current Assets Unpaid Patronage Dividends Breeding livestock Time certificates Farm securities Other Machinery and Equipment Total Intermediate Assets Buildings/improvements Total Current Liabilities Notes and contracts, remainder Other Total Intermediate Liabilities Notes and contracts, remainder Other Total Long-term Liabilities Farmland Total Long-term Assets
The answer is either right or it is wrong. There is no partial credit. 1. Total Farm Assets (cost value) 2. Total Farm Assets (market value) 3. Total Farm Liabilities (market value) 4. Current Ratio (market value) 5. Debt-to-Asset Ratio (market value) 6. Farm Net Worth (cost value) 7. Farm Net Worth (market value)
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Answer:

Net Worth Statement

Farm Asset Cost Value (in $) Market Value(in $) Liabilities Market Value(in $)
Cash                        4,250 Short Term Loan                          60,000
Fertilizer                     17,000 Outstanding Exp.                          20,000
Seeds                     24,000 Accured Interest                             4,800
Crop Head for Sale                     24,500 23000 Long Term Loan                       1,00,000
Corn Crop 99000 Outstanding Exp.                             8,000
Soyabean Crop                     35,000 31500 Interest Accured                                480
Prepaid Fertilizer Expenses                     20,000 Current operating Land Loan                          87,300
Total Assets Accumilated Interest                             2,370
Breeding Live Stock
Pig                     60,000
Sows                     15,000
Boars                        4,000
Farmland                  3,15,000 480000
Machinery Equipment                  2,17,000 240000
rented Crop Land                  6,25,000
Building                     50,000 30000
Motorboat                     14,500

1. Total Farm Assets (cost value): $ 13,66,750

Value in $
Cash                             4,250
Fertilizer                          17,000
Seeds                          24,000
Crops Hold For Sale                          24,500
Soil Samples                             1,500
Soyabean Seeds                          35,000
Fertilizer                          20,000
Live Stock SOW                          15,000
Boars                             4,000
Farmland                       3,15,000
Machinary equipment                       2,17,000
Rented Crop Land                       6,25,000
Building                          50,000
Motor Boat                          14,500
Total                    13,66,750

2. Total Farm Assets(market Value) : $ 8,40,000

Value in $
Building                          30,000
Machinary Equipment                       2,40,000
Farmland                       4,80,000
Pig Live Stock                          60,000
Building                          30,000
Total                       8,40,000

3. Total Farm Liabilities (Market Value): $ 2,82,950

Value in $
Loan                          60,000
Outstanding expenes                          20,000
Accured Interest                             4,800
Long term Loan                       1,00,000
Outstanding expenes                             8,000
Accrued Interest                                480
Operating Land Loan                          87,300
Accured Interest                             2,370
Total                       2,82,950

4. Current Ratio (Market Value): 1.16 times

Current Ratio = Current Assets / Current Liabilities

Current Assets = 23,000 + 99,000 + 31,500 + 60,000 = $ 2,13,500

Current Liabilities= 60,000 + 20,000 + 4,800 + 8,000 + 480 = $ 1,82,950

Current Ratio: = 2,13,500 / 1,82,950 = 1.16 Times   

5. Debt to Asset Ratio(Market Value): 0.29 Times

Debt = $ 2,82,950 (i.e. 1,82,950+1,00,000)

Assets= $ 9,63,500 (i.e.23,000+99000+31,500+60,000+4,80,000+2,40,000+30,000)

Debt to Asset Ratio will be: 2,82,950 / 9,63,500 = 0.29

Adjustments during month are in attached file:

Loco x 2.99960 & con in Sarage 14 on bushels Malm$ 3:25 w Sales 1oooo bushes. cost Price 2.45 Marhut fece 2usoo st: 23000 ke

+ Accumebtedlnterest $23 163 Additional cost of Ferkligar prepaid $ 80,000 no sold iso Jeeden pigs for $8,000 * Depeciation o

Out out enterest expenses $20000 (1) They owe $60000 to Ageo Credit 8 18 at owe 100000 10 67. Interest outstanding Exp. & soo

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