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help with and income statment on this DURING THE CALENDAR YEAR 2015 THE FOLLOWING TRANSACTIONS WERE RECORDED IN THE RECORDS OF THE FARMER (assume them
help with and income statment on this
DURING THE CALENDAR YEAR 2015 THE FOLLOWING TRANSACTIONS WERE RECORDED IN THE RECORDS OF THE FARMER (assume them to be cash transactions unless noted otherwise) Sale of feeder animals 49.624 Labor Hired 20,000 Fertilizer and Chemicals 15.033 Rent for land and Pasture 8.900 Supplies 720 Repairs 4.200 Freight 620 Cattle Marketing (an expense) 250 Veterinary and medicine 1.540 Patronage dividends 765 Grain Sales 149.644 Machinery Purchased during the year 18.790 Government incentive payments (income) 18.978 Crop insurance Proceeds 50.000 Mics Cash Expense 2.419 Seed 18.000 Fuel and Lube 19.048 Utilities 29.603 Custom Hire Expense 12.709 Crop insurance Premiums 15.890 Insurance and taxes 16,797 23.600 New carpet and drapes for home 4.500 Income taxes paid 4.134 for farm and 2.361 for off farm income Interest paid 33.583 The current portion of term debt indicated on the balance sheet was paid on time. A new operating loan for $111.198 was taken out. S122,644 was paid on the operating loan. This included paying off the loan on the beginning balance sheet and paying off part of the new loan. Breeding livestock was purchased for 2.800 Feeder livestock was purchased for 6.505 Feed purchased for 1.694 There was a net inflow of $945 in personal borrowings. Off farm wages Step by Step Solution
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