FARM RECORDS AND ACCOUNTS ASSIGNMENT #1 FINANCIAL STATEMENTS Green Farms is applying for a loan at the local bank. The loan officer needs current financial statements to be considered for financing. The farm manager gathered the following information about the farm to complete the Balance Sheet. STEP 1: Classify the following items as they would appear on the Balance Sheet. Then record the items you classified on the Balance Sheet on the next page. For example, Land is a Fa (Fixed Asset). b. IA-Intermediate Asset a. CA - Current Asset C. FA - Fixed Asset d. CL - Current Liability e. IL-Intermediate Liability f. LL-Long-term Liability Description Land, 2,000 acres @ $400 per acre Breeding cattle, 135 head @ $800 per head Bulls, 4 head @ $1,000 each Checking Account @ $8,000 Account payable at Bill's Feed Store @ $3,000 Cash on hand @$1,000 Wheat on hand, 2,000 bu. @ $3.00 per bu. Hay on hand, 100 tons @ $50.00 per ton Growing wheat, 300 acres @ $20 per acre Farm mortgage-payment due 9/15/22 @ $5,000 Balance on Farm Mortgage @ $605,000 Buildings & improvements @ $60,000 Feeder cattle loan (all due 10/1/22) @ $25,000 Calves (to be sold this fall), 110 head @ $300 Savings account @ $6,000 Feeder cattle (to be sold in 30 days), 90 head @ $575 Bank Note, (all due 10/1/22 @ $3,000 Pickup Truck @ $3,000 Machinery & Equipment @ $58,000 Loan on beef cows-payment due 11/1/22 @ $5.000 Balance on beef cattle loan, noncurrent portion @ $55,000 U.S. Savings bond (mkt. security) @ $1,000 Real estate taxes @ $3,000 Account Receivables @ $2,000 Corporate stock @ $3,000 Calculate the Value List the Balance Sheet Classification