| Farm Mortgage (due 4/1/19) | Current remaining loan balance (12/31/18) =$170,000 Principal payment = $20,000 Accrued interest = $7,650 |
| Machinery | $300,000 |
| Accounts receivable | $31,000 |
| Accounts payable at L&L Feed Mill | $35,000 |
| Machinery Repairs | $17,000 |
| Cash and checking account balance | $24,000 |
| Loan on beef cows (due 6/1/19) | Current remaining loan balance (12/31/18) =$100,000 Principal payment = $10,000 Accrued interest = $3,000 |
| Buildings | $67,000 |
| Sale of Market Livstock | $72,000 |
| Prepaid expenses | 20,000 |
| Farm Supplies on hand | $18,000 |
| Land | $318,000 |
| Feed on hand (alfalfa, corn silage) | $70,000 |
| Corn grain inventory | $120,000 |
| Market Livestock | $36,000 |
| Wheat inventory | $50,000 |
| Titled Vehicles | $26,000 |
| Beef breeding stock | $55,000 |
| Current Assets | Value | Column3 | Current Liablities | Value2 | Column6 |
| Accounts Receivable | $31,000 | | Farm Mortgage | $27,650 | |
| Cash/Checking account | $24,000 | | Loan on Beef Cows | $13,000 | |
| Prepaid Expenses | $20,000 | | Accounts Payable | $35,000 | |
| farm supplies on hand | $18,000 | | Operating Loan | $150,000 | |
| feed on hand | $70,000 | | Total | $225,650 | |
| corn grain inventory | $120,000 | | | | |
| wheat inventory | $50,000 | | | | |
| Beef breeding stock | $55,000 | | | | |
| Total | $388,000 | | | | |
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Layout view Help References Mailings Review any errors you might bave. Triple J provided you with this additional information: i. 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 Triple J Farms also had records of their current account balances as of December 31, 2019 Cash 24,000 Accrued Interest 10,650 Fuel and oil expense 37.000 Interest paid 11,850 Property tax payable 16,000 Supplies 18.000 Labor expense 18.000 Repair expense 36,900 Property taxes paid sense 15,000 Insurance expense 10,500 Accounts receivable 32.000 Feeder livestock purchases 20.000 Feed purchases 16,000 Crop sales (com and wheat) 350.750 Com Inventory 120.000 Principal paid-Beef Loan 10.000 Prepaid expenses 20,000 Principal paid-Farn Mortgage 20,000 Livestock sales 17.500 Government program payments 2,000 220,000 Other livestock expenses 12.000 Market Livestock 36,000 Accounts Payable 17,000 Wheat Inventory 50,000 Feed on Hand 70,000 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. 1. 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 tern assets using the declining balance method. (50 points) 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) Focus DE Balance Sheetlan 1, 2013 Current Liabilities Accounts Payable Accrued interest Principal Farm Mortgage Principal Beef Loan Operating Loan Property Taxes Payable Cost 35,000 11,850 20,000 10,000 Cost 13,000 20,000 10,000 5,500 80.000 32,000 24600 4,000 166.500 Current Assets Cash Com Grain Inventory Wheat twentory Prepaid expenses Feed on hand Market Livestock Accounts Receivable Supplies Total current assets Intermediate Assets Machinery Beef Breeding Herd Titled Vehicles Total Intermediate Amets 75,000 15,000 166,850 Total current abilities Intermediate Liabilities Beef Loan 100,000 300,000 55,000 26,000 381,000 Total Intermediate Liabilities 100,000 Long-Term Assets Land Buildings Total Long-term Assets Long-term Liabilities Farm Mortgage 170,000 318.000 67,000 385,000 Total long-term Liabilities 170,000 Total liabilities Owner equity Total liabilities & owner equity 436,850 495,650 932,500 Total Assets 932,500 Focus B E Layout view Help References Mailings Review any errors you might bave. Triple J provided you with this additional information: i. 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 Triple J Farms also had records of their current account balances as of December 31, 2019 Cash 24,000 Accrued Interest 10,650 Fuel and oil expense 37.000 Interest paid 11,850 Property tax payable 16,000 Supplies 18.000 Labor expense 18.000 Repair expense 36,900 Property taxes paid sense 15,000 Insurance expense 10,500 Accounts receivable 32.000 Feeder livestock purchases 20.000 Feed purchases 16,000 Crop sales (com and wheat) 350.750 Com Inventory 120.000 Principal paid-Beef Loan 10.000 Prepaid expenses 20,000 Principal paid-Farn Mortgage 20,000 Livestock sales 17.500 Government program payments 2,000 220,000 Other livestock expenses 12.000 Market Livestock 36,000 Accounts Payable 17,000 Wheat Inventory 50,000 Feed on Hand 70,000 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. 1. 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 tern assets using the declining balance method. (50 points) 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) Focus DE Balance Sheetlan 1, 2013 Current Liabilities Accounts Payable Accrued interest Principal Farm Mortgage Principal Beef Loan Operating Loan Property Taxes Payable Cost 35,000 11,850 20,000 10,000 Cost 13,000 20,000 10,000 5,500 80.000 32,000 24600 4,000 166.500 Current Assets Cash Com Grain Inventory Wheat twentory Prepaid expenses Feed on hand Market Livestock Accounts Receivable Supplies Total current assets Intermediate Assets Machinery Beef Breeding Herd Titled Vehicles Total Intermediate Amets 75,000 15,000 166,850 Total current abilities Intermediate Liabilities Beef Loan 100,000 300,000 55,000 26,000 381,000 Total Intermediate Liabilities 100,000 Long-Term Assets Land Buildings Total Long-term Assets Long-term Liabilities Farm Mortgage 170,000 318.000 67,000 385,000 Total long-term Liabilities 170,000 Total liabilities Owner equity Total liabilities & owner equity 436,850 495,650 932,500 Total Assets 932,500 Focus B E
