Balance Sheet Worksheet

Create a balance sheet for W.E. Ranch based on the following information for calendar year 2019.

Accounts and Inventory at Start of Year:

1020 acres of land bought for $560/acre

Beef breeding cows 106 head @ $650/head

Buildings and Improvements $12,000

Bulls 6 head @ $1,500 each

Calves to be sold in May 98 head @ $275 per head

Cash on hand $5600

Checking account balance $20,500

Farm mortgage payment due 4/1 each year. Pay $14000 principal annually and $20000 accrued interest this year. $222,000 principal remaining.

Farm pick-up bought for $28,000 in 2013 with an expected useful life of 10 years and a salvage value of $3,000.

Feeder cattle to be sold in April 138 head @ $575 per head

Invested $250,000 to start business

Loan on beef cows due October 1. Current balance $47,000. Pay $9,000 in principal and $3,900 in interest this year.

Milo on hand 1000 cwt @ $4.40 per cwt

Note payable on feeder cattle due 11/15 $34,000

Paid feed bill of $3,500 in January which was a lingering accounts payable from 2018.

Pay federal taxes of $3,600 in April

Then answer the questions below:

What was the total value of intermediate assets on January 1, 2019?

What was the total value of assets on January 1, 2019?

What was the total value of current liabilities on January 1, 2019?

What was the total value of liabilities on January 1, 2019?

How much profit did the farm make as of January 1, 2019?

What was the farms current ratio?

What was the farms working capital?

What was the farms debt to equity ratio?

To earn the completion credit, you must submit both your balance sheet and your answers to the eight questions.