12. They owe $165,150 to AgCo Credit for their machinery and equipment, at 7.75% interest. Their last payment was made December 1. Next De- cember 1, they will have to pay $37,589, plus interest of $12,799. As- sume all of these loans were originally on 12-15 year loans 13. They owe $811,498 for purchase of the farm, at 3.5% annual interest. They made a payment last March 1. Their next payment will be March 1, principal of $102,000, plus interest of $52,719. 14. The 2017 operating loan was paid with proceeds of the sale of crops in November Inventory of Crope and Livestock on December 31, 2019 (end of year) Item Quantity Per Unit Value Total Value 32 3 0 Ewes (breeding herd) Rams (breeding herd) Barrows and Gilts Beef Cow breeding hard) Balls (breeding hard) Beef Heifers (breeding herd) Feeder Heifers Feeder Steers Soybeans Barley Corn Alba (per tom Sulare (per to Farm Sugplies 92 + 17 42 183 1,870 3,080 2313 56 17 $155.00 $160.00 $196,80 $1 194.00 $2.930,00 $755.00 $575.00 $1,140.00 $8.45 $4.89 $3.88 $188.00 $103.50 $4,960.00 $480.00 $0.00 $109,848.00 $11.720.00 $12,835.00 536,750.00 $208,620.00 $15,801.50 $15,061.20 $28,382.20 $10,528.00 $1.844.30 $3,12200 To analyze the balance sheet, calculate the following: Tools View AGRI 304 Summer 2020 Homework 2.docx (Read-OnlylWord 72 SUMMER 2020 AGRI 304 FARM AND RECORDS ANALYSIS Homework 2 (50 points) Silen) Pamer Balance Sheef & Analysis 3. They have commercial food on hand worth $5,674. They prepaid $19,470 for adclitional fertilizer to be delivered and applied in April 4. 5. Retrieve spreadsheet Homework 2 template from the web page. Based on the information given below, develop an end of the year balance sheet for 2019. Important - use only the information on the business (not family expenses) in your balance sheet and do not use the "beginning of year" inventory in your balance sheet (this will be used for the balance sheet analysis only. Put your name and other required info on the template where required. Save your balance sheet for future analysis. 1 The farm bank nocount has a balance of $1,985. 2. Inventory of Crops and Livestock is as follows: In December they sold 31 heifer calves to a nephew for $23,250, to be paid when the calves are sold. Their machinery and equipment have a depreciated book value of $480,080 from their depreciation schedule, but they estimate its market value at $399,000 6. 7. The farm has several buildings that have a depreciated value of $92,227 Their estimated market value is 552,880. Per La Vale Total View 8. They own 2,745 acres of farmland that was purchased years ago for $2,550,000. They estimate its current value at $5.344/ac, 30 SOLO SOLO 50350 50 3 BE 300 92 9. The family vehicle (never used for the farm business) is worth $20.500. Feeder Reifen 10. 3313 5000 30.93 31134 They owe Crop Managers, Inc. $11,770 for soil sampling and other ser Vices 11. Com FALSE Tuition for their college student children is $21.446. 333400 ADA Type here to search 12. They owe $165,150 to AgCo Credit for their machinery and equipment, at 7.75% interest. Their last payment was made December 1. Next De- cember 1, they will have to pay $37,589, plus interest of $12,799. As- sume all of these loans were originally on 12-15 year loans 13. They owe $811,498 for purchase of the farm, at 3.5% annual interest. They made a payment last March 1. Their next payment will be March 1, principal of $102,000, plus interest of $52,719. 14. The 2017 operating loan was paid with proceeds of the sale of crops in November Inventory of Crope and Livestock on December 31, 2019 (end of year) Item Quantity Per Unit Value Total Value 32 3 0 Ewes (breeding herd) Rams (breeding herd) Barrows and Gilts Beef Cow breeding hard) Balls (breeding hard) Beef Heifers (breeding herd) Feeder Heifers Feeder Steers Soybeans Barley Corn Alba (per tom Sulare (per to Farm Sugplies 92 + 17 42 183 1,870 3,080 2313 56 17 $155.00 $160.00 $196,80 $1 194.00 $2.930,00 $755.00 $575.00 $1,140.00 $8.45 $4.89 $3.88 $188.00 $103.50 $4,960.00 $480.00 $0.00 $109,848.00 $11.720.00 $12,835.00 536,750.00 $208,620.00 $15,801.50 $15,061.20 $28,382.20 $10,528.00 $1.844.30 $3,12200 To analyze the balance sheet, calculate the following: Tools View AGRI 304 Summer 2020 Homework 2.docx (Read-OnlylWord 72 SUMMER 2020 AGRI 304 FARM AND RECORDS ANALYSIS Homework 2 (50 points) Silen) Pamer Balance Sheef & Analysis 3. They have commercial food on hand worth $5,674. They prepaid $19,470 for adclitional fertilizer to be delivered and applied in April 4. 5. Retrieve spreadsheet Homework 2 template from the web page. Based on the information given below, develop an end of the year balance sheet for 2019. Important - use only the information on the business (not family expenses) in your balance sheet and do not use the "beginning of year" inventory in your balance sheet (this will be used for the balance sheet analysis only. Put your name and other required info on the template where required. Save your balance sheet for future analysis. 1 The farm bank nocount has a balance of $1,985. 2. Inventory of Crops and Livestock is as follows: In December they sold 31 heifer calves to a nephew for $23,250, to be paid when the calves are sold. Their machinery and equipment have a depreciated book value of $480,080 from their depreciation schedule, but they estimate its market value at $399,000 6. 7. The farm has several buildings that have a depreciated value of $92,227 Their estimated market value is 552,880. Per La Vale Total View 8. They own 2,745 acres of farmland that was purchased years ago for $2,550,000. They estimate its current value at $5.344/ac, 30 SOLO SOLO 50350 50 3 BE 300 92 9. The family vehicle (never used for the farm business) is worth $20.500. Feeder Reifen 10. 3313 5000 30.93 31134 They owe Crop Managers, Inc. $11,770 for soil sampling and other ser Vices 11. Com FALSE Tuition for their college student children is $21.446. 333400 ADA Type here to search