BALANCE SHEET I. Rhonda Rancher has applied for a loan. Her banker, Larry Loanmaker, says the old balance sheet on file must be brought up to date before a loan will be considered. Rhonda spends the rest of the afternoon taking inventory and gathering other information. Complete a balance shee on a separate page using the information below compiled by Rhonda on January 22, 2019. Grain on hand Hay on hand Growing wheat Farm mortgage (due/4/1/19) 3500 bu.$5.00 per bu. 100 tons $80.00 per ton 200 acres $69.80 per acre $13,000 principal $10,000 accrued interest balance after 4/01/19 payment $260,000 $68,000 $45,000 Buildings&improvements Note payable on feeder cattle (all due 4/15/19) Calves (to be sold in May 2019) Feeder cattle (to be sold in 60 days) Note payable at bank (all due 3/1/019) Vehicles 100 head @ $605 per head 125 head@$800 per head $82,000 $30,500 $130,500 $12,000 principal, $2,200 accrued interest balance after 10/1/15 payment $34,000 Other machinery&equipment Loan on beef cows (due 10/01/19) Land (present market value) Beef breeding cows Bulls Checking account balance Account payable at Joe's Feed & Seed ccount receivable hop Equip. (welder, lathe, drill press, etc.) orporate Stock ther Information 1000 acres @ $1800 per acre 110 head @$1000 per head 4 head@ $2,200 each $33,400 $6,500 $3,600 $5,000 100 shares @ $90 per share 1) Has paid in advance for $6,000 worth of feed in order to get a good price on it. The fee will be delivered in May, 2019. 2) Income and social security taxes on 2018 income (not yet paid) are estimated at $14,20 3) Rhonda contributed $590,000 to get her business started. 4) Retained earnings since the beginning of the business equals $655,000. 6. What is her equity/asset ratio? 21s,000 Answer 7. Assume you are a financial consultant hired by Rhonda to analyze her financial condition. Based on this balance sheet, what part of her financial condition is most in need of improvement? WHY? 8. What does this balance sheet tell you about the amount of profit Rhonda made in 2013? Explain your answer. BALANCE SHEET I. Rhonda Rancher has applied for a loan. Her banker, Larry Loanmaker, says the old balance sheet on file must be brought up to date before a loan will be considered. Rhonda spends the rest of the afternoon taking inventory and gathering other information. Complete a balance shee on a separate page using the information below compiled by Rhonda on January 22, 2019. Grain on hand Hay on hand Growing wheat Farm mortgage (due/4/1/19) 3500 bu.$5.00 per bu. 100 tons $80.00 per ton 200 acres $69.80 per acre $13,000 principal $10,000 accrued interest balance after 4/01/19 payment $260,000 $68,000 $45,000 Buildings&improvements Note payable on feeder cattle (all due 4/15/19) Calves (to be sold in May 2019) Feeder cattle (to be sold in 60 days) Note payable at bank (all due 3/1/019) Vehicles 100 head @ $605 per head 125 head@$800 per head $82,000 $30,500 $130,500 $12,000 principal, $2,200 accrued interest balance after 10/1/15 payment $34,000 Other machinery&equipment Loan on beef cows (due 10/01/19) Land (present market value) Beef breeding cows Bulls Checking account balance Account payable at Joe's Feed & Seed ccount receivable hop Equip. (welder, lathe, drill press, etc.) orporate Stock ther Information 1000 acres @ $1800 per acre 110 head @$1000 per head 4 head@ $2,200 each $33,400 $6,500 $3,600 $5,000 100 shares @ $90 per share 1) Has paid in advance for $6,000 worth of feed in order to get a good price on it. The fee will be delivered in May, 2019. 2) Income and social security taxes on 2018 income (not yet paid) are estimated at $14,20 3) Rhonda contributed $590,000 to get her business started. 4) Retained earnings since the beginning of the business equals $655,000. 6. What is her equity/asset ratio? 21s,000 Answer 7. Assume you are a financial consultant hired by Rhonda to analyze her financial condition. Based on this balance sheet, what part of her financial condition is most in need of improvement? WHY? 8. What does this balance sheet tell you about the amount of profit Rhonda made in 2013? Explain your