A11 G F E C Column7 Value2 Column6 Column3 Current Liablities Value 1 Current Assets $27,650 $13,000 $35,000 2 Accounts Receivable 3 Cash/Checking account 4 Prepaid Expenses 5 farm supplies on hand 6 feed on hand 7 corn grain inventory 8 wheat inventory 9 Beef breeding stock Farm Mortgage $31,000 $24,000 $20,000 $18,000 $70,000 $120,000 Loan on Beef Cows Accounts Payable $150,000 $225,650 Operating Loan Total $50,000 $55,000 $388,000 10 Total 11 12 13 14 15 16 17 18 19 20 Information You have been working with Triple J Farms, a grain and beef farm. You completed a cost and market basis balance sheet for them in the last assignment. Copy the cost basis balance sheet from the last assignment into a new Excel file. Make sure you correct any errors you might have. Triple J provided you with this additional information: In addition to the original $150,000 operating loan at the beginning of the year, Triple J Farms took out an additional operating loan of $67,000 in July as a source of new financing for the year. Both loans are due on December 15, 2019 i. Triple J Farms also had records of their current account balances as of December 31, 2019 l. 10,650 Accrued Interest 24,000 Cash Interest paid Supplies Repair expense Insurance expense Feeder livestock purchases Crop sales (corn and wheat) Principal paid-Beef Loan Principal paid-Farm Mortgage Government program payments Other livestock expenses 11,850 37,000 Fuel and oil expense Property tax payable Labor expense Property taxes paid Accounts receivable Feed purchases Corn Inventory Prepaid expenses Livestock sales 18,000 16,000 36,900 18,000 10,500 15,000 32,000 20,000 350,750 16,000 10,000 120,000 20,000 2,000 12,000 17,000 70,000 20,000 17,500 220,000 36,000 50,000 Crop expenses Market Livestock Wheat Inventory Accounts Payable Feed on Hand As a consultant you must complete the following items to determine Triple J Farms financial position. Please put the Beginning Balance Sheet, Ending Balance Sheet, Focus As a consultant you must complete the following items to determine Triple J Farms financial position. Please put the Beginning Balance Sheet, Ending Balance Sheet, Income Statement, Depreciation, and Ratios in separate worksheets in one excel file CLEARLY labeled. Using the information provided above, generate the ending Balance Sheet for December 31, 2019. You may not use all of the information in the table above. Calculate depreciation using a depreciation rate of 15% on intermediate assets and 10% on long term assets using the declining balance method. (50 points) 1. 2. Generate the accrual income statement for Jan 1-Dec 31 2019 for Triple J Farms using your beginning and ending balance sheets and the current account balances given above. (50 points) 3. Given your beginning and ending balance sheets, assess the change in liquidity and solvency of Triple J Farms over the year. Explain your results. (30 points) Focs Balance Sheet, Jan 1, 2013 Cost Current Liabilities Current Assets Cost 35,000 Accounts Payable Cash 13,000 20,000 10,000 5,500 11,850 Corn Grain Inventory Accrued Interest Principal Farm Mortgage 20,000 Wheat Inventory 10,000 Prepaid expenses Principal Beef Loan Operating Loan Property Taxes Payable 75,000 Feed on hand 80,000 15,000 Market Livestock 32,000 Accounts Receivable 2,000 Supplies 4,000 Total current liabilities 166,850 Total current assets 166,500 Intermediate Liabilities Intermediate Assets 100,000 Beef Loan Machinery Beef Breeding Herd Titled Vehicles 300,000 55,000 26,000 Total Intermediate Liabilities 100,000 Total Intermediate Assets 381,000 Long-term Liabilities Farm Mortgage Long-Term Assets 170,000 318,000 67,000 Land Buildings Total Long-term Assets Total Long-term Liabilities 170,000 385,000 Total liabilities 436,850 Owner equity 495,650 Total liabilities & owner equity 932,500 932,500 Total Assets DFocus ds here to search A11 G F E C Column7 Value2 Column6 Column3 Current Liablities Value 1 Current Assets $27,650 $13,000 $35,000 2 Accounts Receivable 3 Cash/Checking account 4 Prepaid Expenses 5 farm supplies on hand 6 feed on hand 7 corn grain inventory 8 wheat inventory 9 Beef breeding stock Farm Mortgage $31,000 $24,000 $20,000 $18,000 $70,000 $120,000 Loan on Beef Cows Accounts Payable $150,000 $225,650 Operating Loan Total $50,000 $55,000 $388,000 10 Total 11 12 13 14 15 16 17 18 19 20 Information You have been working with Triple J Farms, a grain and beef farm. You completed a cost and market basis balance sheet for them in the last assignment. Copy the cost basis balance sheet from the last assignment into a new Excel file. Make sure you correct any errors you might have. Triple J provided you with this additional information: In addition to the original $150,000 operating loan at the beginning of the year, Triple J Farms took out an additional operating loan of $67,000 in July as a source of new financing for the year. Both loans are due on December 15, 2019 i. Triple J Farms also had records of their current account balances as of December 31, 2019 l. 10,650 Accrued Interest 24,000 Cash Interest paid Supplies Repair expense Insurance expense Feeder livestock purchases Crop sales (corn and wheat) Principal paid-Beef Loan Principal paid-Farm Mortgage Government program payments Other livestock expenses 11,850 37,000 Fuel and oil expense Property tax payable Labor expense Property taxes paid Accounts receivable Feed purchases Corn Inventory Prepaid expenses Livestock sales 18,000 16,000 36,900 18,000 10,500 15,000 32,000 20,000 350,750 16,000 10,000 120,000 20,000 2,000 12,000 17,000 70,000 20,000 17,500 220,000 36,000 50,000 Crop expenses Market Livestock Wheat Inventory Accounts Payable Feed on Hand As a consultant you must complete the following items to determine Triple J Farms financial position. Please put the Beginning Balance Sheet, Ending Balance Sheet, Focus As a consultant you must complete the following items to determine Triple J Farms financial position. Please put the Beginning Balance Sheet, Ending Balance Sheet, Income Statement, Depreciation, and Ratios in separate worksheets in one excel file CLEARLY labeled. Using the information provided above, generate the ending Balance Sheet for December 31, 2019. You may not use all of the information in the table above. Calculate depreciation using a depreciation rate of 15% on intermediate assets and 10% on long term assets using the declining balance method. (50 points) 1. 2. Generate the accrual income statement for Jan 1-Dec 31 2019 for Triple J Farms using your beginning and ending balance sheets and the current account balances given above. (50 points) 3. Given your beginning and ending balance sheets, assess the change in liquidity and solvency of Triple J Farms over the year. Explain your results. (30 points) Focs Balance Sheet, Jan 1, 2013 Cost Current Liabilities Current Assets Cost 35,000 Accounts Payable Cash 13,000 20,000 10,000 5,500 11,850 Corn Grain Inventory Accrued Interest Principal Farm Mortgage 20,000 Wheat Inventory 10,000 Prepaid expenses Principal Beef Loan Operating Loan Property Taxes Payable 75,000 Feed on hand 80,000 15,000 Market Livestock 32,000 Accounts Receivable 2,000 Supplies 4,000 Total current liabilities 166,850 Total current assets 166,500 Intermediate Liabilities Intermediate Assets 100,000 Beef Loan Machinery Beef Breeding Herd Titled Vehicles 300,000 55,000 26,000 Total Intermediate Liabilities 100,000 Total Intermediate Assets 381,000 Long-term Liabilities Farm Mortgage Long-Term Assets 170,000 318,000 67,000 Land Buildings Total Long-term Assets Total Long-term Liabilities 170,000 385,000 Total liabilities 436,850 Owner equity 495,650 Total liabilities & owner equity 932,500 932,500 Total Assets DFocus ds here to search