I need help filling out this balance sheet

Chapter 4 Balance Sheets 75 Points FARM ASSETS Cost Value Market Value FARM LIABILITIES Market/Cost Value current assets Checking and Savings Accounts Crops held for sale Feed/bedding on hand Prepaid expenses Market livestock Accounts receivable Miscellaneous current liabilities Accounts payable Short-term notes and credit lines Accrued interest - short intermediate long-term Principal due in 12 mo. - intermediate - long-term A. Total Current Assets E. Total Current Liabilities intermediate assets Breeding livestock Machinery and Equipment B. Total Intermediate Assets intermediate liabilities Notes and contracts, remainder F. Total Intermediate Liabilities long-term assets Buildings/improvements Farmland C. Total Long-term Assets D. Total Farm Assets (A+B+C) long-term liabilities Notes and contracts, remainder G. Total Long-term Liabilities H. Total Farm Liabilities (E+F+G) 1. Farm Net Worth, Cost Value (D-H) J. Farm Net Worth, Market Value (D-H) **owner equity ** owner equity Ratio Equations Market Ratios Current Ratio Working Capital, Market Value Debt to Asset Ratio, Market Value Debt to Asset Ratio, COST Value Equity to Asset Ratio, Market Value Debt to Equity Ratio, Market Value Net Capital Ratio, Market Value Debt Structure Ratio 2 pts each= 16 points total Sheet1 Sheet2 Sheet3 + Not everything on here belongs in the balance sheet. Remember that current is this year, intermediate is 1-10 years (for liabilities, this would be things like car loans: loans that would be paid off in the next l-10 years), and long-term relates to land and loans related to land. a. You have $50,000 farm-related cash on hand in checking and savings. 1. Inventory of Crops and Livestock is as follows: Total corn in storage is 25,000 bushels. Current market price is $4.50/bu. b. Total Soybeans in storage are 3,500 bushels. Current market price is $10.75 c. 21 steer calves valued at $1,000.00/head. d. 16 heifer calves valued at $900.00/head. e. 49 bred cows (worth $1,200 each) and 2 bulls (worth an average of $2,500 each). (Hint: cows and bulls are your breeding livestock) 2. Feed and supplies: a) Corn silage: 300 tons valued at $35 per ton b) Haylage: 100 tons worth $75 per ton c) Hay: 150 tons worth $125 per ton d) Corn Stalks: 50 tons at $35 each 3. Your current operating loan (due within one year) with Farm Credit is $90,000, with accrued interest of $4,500. 4. In November of 2020, you prepaid $36,000 for corn seeds for 2021's crops. 5. You have 500 gallons of diesel fuel on hand (currently worth $2.25/gallon) 6. Your machinery and equipment have a depreciated book value of $235,000 from your depreciation schedule, but you estimate its market value at $355,000. 7. The farm has several buildings that have a depreciated book value of $190,000. Your estimated market value is $385,000. 8. You sold a heifer calf to your niece for a 4-H project. You're still waiting for her to pay you the $700 you agreed upon. 9. You own 640 acres of farmland that was purchased in bits and pieces over the years for a total of $2,500,000. Currently, land in your area is valued at $8,500/ac. 10. You own hunting cabin and a little land, worth $75,000 and a personal car worth $12,000. 11. You make some money on the side doing trucking, earning $38,000/year. 12. On December 20th, 2020, you picked up more hay for your livestock worth a total of $10,000. You will not pay for this feed until mid-January of 2021. The hay is included in your inventory above. 13. You still owe Soil Testers, Inc. $1,000 for soil sampling. 14. Your neighbor still owes you the second of two installment payments of $8,000 for helping with 2020's harvest. 15. The vet bill arrived in the mail today (January 1) and showed the farm's outstanding vet bill for 2020 at $1,500. 16. On your farm's credit card, you have a balance of $4,200. Your personal credit card has a balance of $2,500. 17. You started the year with student loans totaling $16,000, but you paid off $3,000 in principal (balance remaining: $13,000) and $600 in interest. Below find a listing of longer-term liabilities: Description Purpose Date Original Incurred Amount Remaining Current Interest Balance at Portion Accrued end of 2021 (paid 2021) Jan. 1, 2021 $636,000 $32,000 $12,250 $70,000 $20,000 $2,000 Mortgage Tractor loan 2018 2013 $800,000 $140,000 Land loan 4WD tractor F350 2015 $40,000 $15,000 $4,400 $900 2014 Pickup loan Barn loan Equipment loan $275,000 $50,000 $230,000 $10,000 $19,500 $10,000 $1,000 $500 2016 Forage Harvester O To analyze the balance sheet, calculate the following: Current Ratio, Market Value Working Capital, Market Value Debt to Asset Ratio, Market Value Equity to Asset Ratio, Market Value Debt to Equity Ratio, Market Value Net Capital Ratio, Market Value Debt Structure Ratio . . What is the strongest part of the operation (liquidity or solvency)? Explain. What is the weakest part of the operation (liquidity or solvency)? Explain. Why is it recommended that farmers use market basis even though other businesses are told to use cost basis? Explain