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4. Below are two financial statements from Fantastic Fruit Farm. calculate the values below. (Chapter 5) (20%) Using this information, Net Worth Statements Assets (market
4. Below are two financial statements from Fantastic Fruit Farm. calculate the values below. (Chapter 5) (20%) Using this information, Net Worth Statements Assets (market values Cash on hand Fruit in storage Machinery Beginniin S20,000 60,000 50,000 25,000 $155,000 Endin S36,000 52,000 63,000 30,000 S181,000 Total Assets Liabilities rating loan balanc e owed $50,000 S40,000 e Statement of Cash Flows Cash In $140,000 40,000 Fruit sales Operating loans received Capital assets sold Nonfarm income Wages, interest, supplies Operating loans repaid Capital assets purchased Nonfarm expenses Cash Out $70,000 50,000 20,000 24,000 S164,000 $180,000 Show the correct value for each of the following: Show your work where necessary. Beginning farm net worth (market value) Ending current assets Net cash flow Cash farm income (gross) Cash farm expenses Accrual adjustment for inventory change (+or-) Machinery depreciation Net farm income (accrual) Change in net worth due to retained net farm income, if no land was purchased or sold. $7,000
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