Enter the beginning and ending balance sheets on separates sheets in your spreadsheet file. (20 points) Balance sheet for S.S. Crop Farm December 31, 2018 Current Assets Current Liabilities Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets $ 21,768 Accrued Interest $ 90,852 Accounts Payable $ 45,785 Current Notes $ 3,347 Government Crop Loans $ 332,732 Principal due on Term Debt $ 59,428 $ 11,128 $ 16,113 $ 172,892 $ 28,357 $ 45,606 $ 553,912 Total Current Liabilities S 274,096 Intermediate Assets S281,512 Total Intermediate Liabilities $ 387,933 $ 25,544 Total Long Term Liabilities $ 68,382 $ 481,859 Total Liabilities Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $ 627.403 $1,183,011 Long Term Assets Total Equity $ 649,293 Fam Land Buildings and Improvements Other Long-term Assets Total Farm Assets $614,750 $ 144,163 $ 37,620 $ 796,533 Total Farm Assets $1,832,304 Total Liabilities and Equity $1,832,304 Balance sheet for S.S. Crop Farm December 31, 2019 Current Assets Current Liabilities Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets $ 22.105 Accrued Interest $ 75,259 Accounts Payable $ 32,365 Current Notes $ 3,015 Government Crop Loans $336,412 Principal due on Term Debt $45.949 S515,105 Total Current Liabilities $ 10.941 $ 16,956 S 186,018 S 20.970 46.902 S281,787 Intermediate Assets Total Intermediate Liabilities $ 305,768 $ 618.539 Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $425,800 $ 27,698 Total Long-Term Liabilities S 66,455 S 519,953 Total Liabilities $1,206,094 Long Term Assets Total Equity S 682,663 Farm Land Buildings and Improvements Other Long-term Assets Total Long-term Assets $ 655,116 $ 156,806 $ 41,777 $ 853,699 Total Farm Assets $1,888,757 Total Liabilities and Equity $1.888,757 Use the beginning and ending balance sheets and information in the table below to generate the accrual Income Statement for SS Crop Farm for January 1 - December 31, 2019. Create the income statement on a new sheet in your spreadsheet file (50 points) Amount ($) 249,903 189,308 35,119 166,986 T Item Cor Sales Soybean Sales Sugar Beet Sales Direct and countercyclical government payments received Insurance Income Other farm income Gain on capital sales Seed expense Fertilizer expense Crop chemical expense Crop Insurance premiums expense Drying expense Storage expense Hauling and trucking expense Marketing expense Miscellaneous expense Interest paid CCC buyback expense Fuel and oil expense Repairs Land rent Real estate taxes paid Farm insurance Utilities Dues and professional fees expense Depreciation expense 24,826 10.858 756 67,445 76,781 33,467 19,648 14,438 1.090 1,092 1,555 10,362 30,518 16,674 21,584 37,115 91,757 5,219 6,802 5,709 2.924 36,368 Question 3 On a new sheet in your spreadsheet file, assess the change in the farm's liquidity, solvency, and debt structure over the year. You will need to calculate the liquidity, solvency, and debt structure measures that rely solely on the balance sheet information at the beginning of the year and at the end of the year to be able to assess the change over the year. Interpret your ratios. That is, explain in words what the numbers mean. Where possible, indicate where S.S. Crop Farm's liquidity, solvency, and debt structure numbers fall on the farm finance scorecard. Did S.S. Crop Farm's financial condition improve or get worse over the year? (60 points) Enter the beginning and ending balance sheets on separates sheets in your spreadsheet file. (20 points) Balance sheet for S.S. Crop Farm December 31, 2018 Current Assets Current Liabilities Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets $ 21,768 Accrued Interest $ 90,852 Accounts Payable $ 45,785 Current Notes $ 3,347 Government Crop Loans $ 332,732 Principal due on Term Debt $ 59,428 $ 11,128 $ 16,113 $ 172,892 $ 28,357 $ 45,606 $ 553,912 Total Current Liabilities S 274,096 Intermediate Assets S281,512 Total Intermediate Liabilities $ 387,933 $ 25,544 Total Long Term Liabilities $ 68,382 $ 481,859 Total Liabilities Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $ 627.403 $1,183,011 Long Term Assets Total Equity $ 649,293 Fam Land Buildings and Improvements Other Long-term Assets Total Farm Assets $614,750 $ 144,163 $ 37,620 $ 796,533 Total Farm Assets $1,832,304 Total Liabilities and Equity $1,832,304 Balance sheet for S.S. Crop Farm December 31, 2019 Current Assets Current Liabilities Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets $ 22.105 Accrued Interest $ 75,259 Accounts Payable $ 32,365 Current Notes $ 3,015 Government Crop Loans $336,412 Principal due on Term Debt $45.949 S515,105 Total Current Liabilities $ 10.941 $ 16,956 S 186,018 S 20.970 46.902 S281,787 Intermediate Assets Total Intermediate Liabilities $ 305,768 $ 618.539 Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $425,800 $ 27,698 Total Long-Term Liabilities S 66,455 S 519,953 Total Liabilities $1,206,094 Long Term Assets Total Equity S 682,663 Farm Land Buildings and Improvements Other Long-term Assets Total Long-term Assets $ 655,116 $ 156,806 $ 41,777 $ 853,699 Total Farm Assets $1,888,757 Total Liabilities and Equity $1.888,757 Use the beginning and ending balance sheets and information in the table below to generate the accrual Income Statement for SS Crop Farm for January 1 - December 31, 2019. Create the income statement on a new sheet in your spreadsheet file (50 points) Amount ($) 249,903 189,308 35,119 166,986 T Item Cor Sales Soybean Sales Sugar Beet Sales Direct and countercyclical government payments received Insurance Income Other farm income Gain on capital sales Seed expense Fertilizer expense Crop chemical expense Crop Insurance premiums expense Drying expense Storage expense Hauling and trucking expense Marketing expense Miscellaneous expense Interest paid CCC buyback expense Fuel and oil expense Repairs Land rent Real estate taxes paid Farm insurance Utilities Dues and professional fees expense Depreciation expense 24,826 10.858 756 67,445 76,781 33,467 19,648 14,438 1.090 1,092 1,555 10,362 30,518 16,674 21,584 37,115 91,757 5,219 6,802 5,709 2.924 36,368 Question 3 On a new sheet in your spreadsheet file, assess the change in the farm's liquidity, solvency, and debt structure over the year. You will need to calculate the liquidity, solvency, and debt structure measures that rely solely on the balance sheet information at the beginning of the year and at the end of the year to be able to assess the change over the year. Interpret your ratios. That is, explain in words what the numbers mean. Where possible, indicate where S.S. Crop Farm's liquidity, solvency, and debt structure numbers fall on the farm finance scorecard. Did S.S. Crop Farm's financial condition improve or get worse over the year? (60 points)