I am having trouble figuring out the accumulated depreciation transactions. I need a balance sheet from this information and I cannot get my balance sheet to balance.
Individual Homework Assignment You can consult the textbook and course materials while completing this assignment but you should work independently. Your final submission should be an original Excel workbook. Create a transaction log for 1.M. Farmer based on the following information for calendar year 2019, Create the balance sheet for December 31, 2019. Use the 200% declining balance method (not MACRS) for depreciable assets. Finally, allow the cash account to be negative for the transaction log if necessary Accounts and Inventory at Start of Year: 500 acres of land bought for $400/acre Account payable at Joe's Feed and Seed $4,200 Big Farm Stock 200 shares @ $50 per share 4. Buildings and Improvements $48,000 Checking account balance $5,400 Farm mortgage payment due 4/1 each year. Pay $15000 principal annually and $25000 accrued interest this year. $300,000 principal remaining. 7. Farm pick-up bought for $23,000 in 2017 with an expected useful life of 10 years and a salvage value of $2,000. Growing wheat 280 acres @ $22.50 per acre 9. Hay on hand 75 tons @ $50 per ton Invested $100,000 to start business Note payable at Bank One due 3/1 $52,000 12. Other machinery and equipment $80,500 Outstanding account receivable $1,600 14. Shop equipment $2,000 13. 1. Borrowed $18,000 for farm operating expenses from Bank One in May. 2. Bought 30 bags of seed corn at $80 per bag from Garst in February 3. Invest $50,000 in business in April to be 4. Made payment to AgCo Finance for combine loan of $24,800 in August. $20,000 was principa $4,800 was interest. 5. Pay federal taxes of $7,200 in April 6. Traded a tandem disk to Smith Implement for a new one priced at $16,000 in April. Dealer allowed $9,000 trade-in value for old disk and remainder was paid in cash. Individual Homework Assignment You can consult the textbook and course materials while completing this assignment but you should work independently. Your final submission should be an original Excel workbook. Create a transaction log for 1.M. Farmer based on the following information for calendar year 2019, Create the balance sheet for December 31, 2019. Use the 200% declining balance method (not MACRS) for depreciable assets. Finally, allow the cash account to be negative for the transaction log if necessary Accounts and Inventory at Start of Year: 500 acres of land bought for $400/acre Account payable at Joe's Feed and Seed $4,200 Big Farm Stock 200 shares @ $50 per share 4. Buildings and Improvements $48,000 Checking account balance $5,400 Farm mortgage payment due 4/1 each year. Pay $15000 principal annually and $25000 accrued interest this year. $300,000 principal remaining. 7. Farm pick-up bought for $23,000 in 2017 with an expected useful life of 10 years and a salvage value of $2,000. Growing wheat 280 acres @ $22.50 per acre 9. Hay on hand 75 tons @ $50 per ton Invested $100,000 to start business Note payable at Bank One due 3/1 $52,000 12. Other machinery and equipment $80,500 Outstanding account receivable $1,600 14. Shop equipment $2,000 13. 1. Borrowed $18,000 for farm operating expenses from Bank One in May. 2. Bought 30 bags of seed corn at $80 per bag from Garst in February 3. Invest $50,000 in business in April to be 4. Made payment to AgCo Finance for combine loan of $24,800 in August. $20,000 was principa $4,800 was interest. 5. Pay federal taxes of $7,200 in April 6. Traded a tandem disk to Smith Implement for a new one priced at $16,000 in April. Dealer allowed $9,000 trade-in value for old disk and remainder was paid in cash
