Description Value Balance sheet classification Land 2000 acres @ 400 per acre 800000 Fixed assets Breeding cattle 108000 Intermediate assets bulls 4000 Intermediate assets Checking account 8000 Current asset Accounts payable 3000 Current liability cash on hand 4000 Current asset wheat on hand 6000 Current asset Hay on hand 5000 Current asset growing wheat 6000 Current asset Farm mortgage 5000 Current liability Balance on farm mortgage 605000 long term liability building and improvement 60000 Fixed assets Feeder cattle loan 25000 Current liability calves 33000 Current asset saving account 6000 Current asset feeder cattle 51750 Current asset Bank note 3000 Current liability Pick up truck 3000 Fixed assets macinery and equipment 58000 Fixed assets loan on beef cows 5000 Current liability balance on beef cattle loan 55000 long term liability US saving bonds 1000 Intermediate assets real estate taxes 3000 Current liability Accounts receivables 2000 Current liability corporate stock 3000 long term liability