I need help putting the random notes from the word document into the right spots on the excel sheet
Normal No Spacing Heading 1 He End of the Year Financial Notes for the Balance Sheet Schedules Below is a random set of notes in no particular order of assets, liabilities and other information Your job is to: 1 transfer these notes to the balance sheet schedules (spreadsheet) provided 2. Jot down any questions you have about what the items are, what they mean and/or explanations you would like of the balance sheet schedules Note, not all information will be used Ultimately your goal is to complete a balance sheet for the case form for the year 2014 Inventory of raised crops intended for sale 22,750 bushels of com worth $3.69 6,000 bushels of soybeans worth $10.00 o 263 bushels of wheat valued at $5.00/bu. Inventory of raised livestock intended for sale 10 head of feeder cattle weighing 400 lbs each and current price is $160 perib, Raisedfeed Inventory 1,600 tons of hay worth $113 perton Sold $27,518 of livestock to John Smith. He has not paid for it yet. 14 days old. It is due in 30 days Cash held at United Savings for farm checking and savings accounts: $1,503 Have prepaid expenses to ABC Coop for anhydrous fertilizer, 30 tons at $50 per ton ABC Coop for seed, 70 bags for $294.28/bag John's Suely for 28 liquid fertilizer, 40 tons at $250/ton Purchases on credit with local suppliers include: Arges Diesel shop: 5700 ABC Coop: 5356 Farm & Fleet: $748 32 acres of established growing hayground has 5220 of direct expenses per acre Rented the chisel plow to the Jones family for $20,000, which has not been paid for yet The payment from them is due next month States Focus MacBook Air DOO 000 F4 F5 F6 F8 Normal No Spacing Heading 1 Credit card balances: Venture One for $1,025 208 acres of new growing hay ground has $170 per acre of direct expenses Purchased breeding livestock on hand. These were recently purchased and market values are the same as the purchase price. 1 Beef Bull that cost $1,500 o 9 Beef Cows costing $1,800 each o 1 Bred heifer that cost $1,400 o 4 open heifers that cost $600 each There are several buildings and many improvements, but in total the original cost of buildings and improvements was $1,225,643 with accumulated depreciation of $855,268. Based on recent sales of nearby farms, estimated market value today is $824,350 Inventory of raised breeding livestock, base value per head, and current market value information is below. Head Beginning of Year Base Mekt Value/Head Value/Head 150 400 Breeding Stock Dairy Calves Head End of Year Base Mrit Value/Head Value/Head 150 400 10 10 Dairy Bull 1 800 1,050 1 800 1,050 185 1.200 1,780 199 1,200 1,625 1.000 1,175 65 1.000 1.175 Dairy Cows Dairy Bred Heifers Dairy Open Heifers 80 700 800 87 700 800 Land 390.5 acres purchased in 2004 for $2.875 per acre. Now worth $3,433 per acre 50 acres purchased in 2014 for $9,000. Now worth $9,000 per acre ited States) O Focus Machinery and Equipment Tractor 1 purchased in 2012 (remember this is 2014) for $225,000. Depreciation is based on straight-line, zero salvage value and 7 years of useful life. "Blue Book" (market value) today is $180,000. Assume the year of purchase was a full year of depredation Tractor 2 purchased in 2010 for $140,000. Depreciation based on straight-line, zero salvage value and 7 years useful life. "Blue Book" - $75,000 Skaid loader purchased in 2011 for $20,000. Depreciation: straight-line, S4,000 salvage value and 5 years useful life. Blue Book market value = $15,000 All other machinery and equipment have total purchase cost of $650,000, accumulated depreciation of $475,764 and market value today of $521,325 Loans Non-term and Operating loans Operating line of credit: Current balance of $192,879, accrued interest of $488 and 3.04% interest rate (no information on date received or next payment) Risk line of credit for marketing: 3,04% rate, $37 accrued interest and a balance of $14,549 Term Debt FPP bide/land improvements: 3.28% interest, $1,702 accrued interest, principal due beyond this year of $531,061 and principal due this year of $91,918 FPP Machinery Note: principal due beyond this year of $113,363, principal payment this year of $45,664, 265% interest rate and $145 of accrued interest Mortgage and Land contracts Just made a payment on both loans so interest is paid to date, that is, no accrued interest REM: 3.25% interest rate, long-term balance of 51,253,809 and payment this year of 567,268 Land Contract: 2.85% interest rate, torip-term balance of $25,361, principal payment this year of S4,655 Accrued Expenses/Liabilities Employer withholding due but not paid $211 - Other assets Vehicles with cost and market value of $19,500 (intermediate Asset) ed States) O Focus Other assets o Vehicles with cost and market value of $19,500 (Intermediate Asset) Investment in ABC Cooperative is long-term (Fixed Asset): $5,482 The following do not go on a schedule, but instead are inputs directly to the balance sheet in the Owner Equity Section Net income this year was $141,226 and the accumulation of past income (past retained earnings is $495,207 The sum of capital originally contributed to start the farm and since then totals $240,518. There was zero new capital contributions this year. There was no owner withdrawal for any reason and no capital distributions this year. Condith Format Pasto H D E End of Year Balance Sheet Schedules For: Whkenant Farms Year Ending: 2014 User input in yellow shaded areas Values in blue shaded areas need to be transferred to the balance sheet. There is no automatic transfers. Schedule A: Cash Checking. Savings, Money Market Accounts, Hedging Accounts Description Balance Use for both Cost & Market Paris 7 United Savines 8 9 10 Total cost and market value transfer to BS) Heding Account Balances Hedging Account Balances 12 13 14 15 26 17 Total Hedging Account Balances, cost and market value (transfer to as), Schedule B: Marketable Securities #of shares or Acquisition priceper share/unit Cost Basis Use Cost Value 0 0 Current share/unit price Description Mit Basis Use Mrkt Value 0 0 O O 19 20 21 22 23 24 25 26 27 O 0 0 0 0 0 Total cost and market value transfer to BS) General Farm & Financial Info BS Schedules Beginning & Ending BS Deferred Taxes MacBook Air 28 Schedule C: Accounts, Notes, and Contracts Receivable! Written documentation, Amount Due in Amount Due in oral agreement or Accrued interest Amount Due Next the intermediate Long-term some other Interest Rate Total Balance Due 12 Months term (2-10 years) Beyond 10 Years arrangement? Description of Accounts, Notes, and Contracts Receivable Day in Arrears 30 31 32 33 35 36 37 38 Total Cost and Market Values (transfer to BS) 0 39 Current Asset Intermediate Fixed Asset Includes anything earned and owed to you, but not yet paid sales of products, crop insurance/other insurance indemnities, govt program payments, etc.) 40 Also include any accrued interest owed. Totals are the same for Cost and Market Basis balance sheet 41 Paste 48 F G Year Ending: 2014 Mrkt Basis BS Use Market Value - B D E End of Year Balance Sheet Schedules For: Whisenant Farms - Products (crops, livestock, milk etc.) raised/harvested for sale Products (feed) raised for use as an input - Products (crops, feed, livestock, etc.) purchased for later resale Cost Bas 565 Use Market Units Units in Market Value per Value see Products raised for sale description Inventory unit footnote) S 6 7 8 9 0 1 2 3 4 Total Crops and Feed Inventory: Lower of Cost or Cost Basis BS Market Value per Use Lower of Cost unit or Mrkt Units Units in (Market Value Value (see 55 Products raised for use as an input description Inventory recommended) footnote 56 57 58 59 60 61 62 63 64 Total Market Livestock Inventory: Mrkt Basis BS Use Lower of Cost or Market Value -- General Farm & Financial Info BS Schedules Beginning & Ending BS Deferred Taxes + AB D E F End of Year Balance Sheet Schedules For: Year Ending: Whisenant Farms or Mrkt (Cost Value Value (see recommended) footnote) per unit Units description Units in Inventory Use Lower of Cost or Mrkt Value 65 Products purchased for later resale 66 67 68 69 70 71 72 73 Total Milk and/or Other Raised Products Inventorya Total Raised Inventory (transfer to BS) Note, the FFSC refers to "net realizable value", which is market value less selling costs. The term "market value will be used in the footnotes below and it refers to net realizable value (market valueless selling costs). Products raised for the intent and purpose of selling as a source of farm revenues are valued at market value for both cost and market basis balance sheets. The FFSC states that products raised for the intent and purpose of using as an input (e.g, feed) can be valued at market value, but the lower of cost or market value is preferred. Deriving a cost value is difficult record-keeping for a raised product, but using a market value can distort the use of the product as an input and effect financial outcomes accordingly. This spreadsheet system allows the user to use cost or market value, but users should stay consistent from one year to the next. Products purchased for the intent and purpose of later resale should be valued at the lower of cost or market value for the cost and market basis balance sheet. However, the recommendation is to use cost value for both balance sheets. 74 75 C D E F Whisenant Farms 2014 End of Year Balance Sheet Schedules For UNTS Unitsin description Inventory Year Ending: MKOSU Use Cost Value 78 Supplies in Inventory Sper unit Use Cost Value 79 80 81 82 83 84 85 86 87 BB Total Supplies (transfer to BS): Units in Inventory S per unit Units description 89 Purchased Crops/Feed Inventory Cost Basis B5 Use Cost Value Mrkt Basises Use Cost Value 90 91 92 93 94 95 96 97 Units description Total Purchased feed (transfer to BS): Units in Inventory Sper unit Cost Basis BS Use Cost Value Mrkt Basis BS Use Cost Value 98 Prepaid expenses 99 100 101 102 103 104 105 Total Prepaid expenses (transfer to BS): Sper Acre of Direct Cost Basis BS Mrkt Basis BS now MA REAR CON General Farm & Financial Info BS Schedules Beginning & Ending BS Deferred Taxes C D E G End of Year Balance Sheet Schedules For: Whisenant Farms Year Ending: 2014 Mrkt Basis BS Use Cost Value 104 205 Total Prepaid expenses (transfer to BS): $ per Acre of Direct Cost Basis BS 106 Investment in Growing Crops (direct exp only) Acres Expenses Use Cost Value 107 108 109 110 111 112 113 114 Total investment in growing crops (transfer to BS): 115 Total Purchased Inventories: 116 For purchased inventories, use the cost (purchase) value for both the Cost and Market Basis balance sheets. 117 118 119 Schedule : Other Current Assets Cost Basis.BS Use Cost Value Mrkt Basis BS Use Cost Value Description 120 121 122 126 127 128 129 Total Other Current Assets transfer to BS) 2014 End of Year Balance Sheet Schedules for Whisenant Farms Year Ending: Schedule G: Raised Breeding Livestock (Base Value Method) Beginning of the Year Inventory (Head) End of the Year Inventory Head) Beginning of the End of the Year Year Base Value per Base Value per head head End of Year Market value per head Cost Basis Total Cost Value (Base Value Mrkt Basis BS Total Market Value Accrual Gain (Loss) dueto Base Value Change Type of freeding Animal Adjustment 32 33 34 35 36 37 30 - 40 Totals for Ralsed Breeding Ulvestock transfer to : Schedule Hi Purchased Breeding Livestock End of the Yew Acquisition Total Accumulated Corts Inventory Depreciation Cost per head Uw Cost Value Dead Purchased Breeding Livestock Current Market Valveper head Mrit Basis Use Market Value 146 147 148 149 150 151 152 153 + 155 Totals for Purchased Breeding Livestock transfer to BS): Normal No Spacing Heading 1 He End of the Year Financial Notes for the Balance Sheet Schedules Below is a random set of notes in no particular order of assets, liabilities and other information Your job is to: 1 transfer these notes to the balance sheet schedules (spreadsheet) provided 2. Jot down any questions you have about what the items are, what they mean and/or explanations you would like of the balance sheet schedules Note, not all information will be used Ultimately your goal is to complete a balance sheet for the case form for the year 2014 Inventory of raised crops intended for sale 22,750 bushels of com worth $3.69 6,000 bushels of soybeans worth $10.00 o 263 bushels of wheat valued at $5.00/bu. Inventory of raised livestock intended for sale 10 head of feeder cattle weighing 400 lbs each and current price is $160 perib, Raisedfeed Inventory 1,600 tons of hay worth $113 perton Sold $27,518 of livestock to John Smith. He has not paid for it yet. 14 days old. It is due in 30 days Cash held at United Savings for farm checking and savings accounts: $1,503 Have prepaid expenses to ABC Coop for anhydrous fertilizer, 30 tons at $50 per ton ABC Coop for seed, 70 bags for $294.28/bag John's Suely for 28 liquid fertilizer, 40 tons at $250/ton Purchases on credit with local suppliers include: Arges Diesel shop: 5700 ABC Coop: 5356 Farm & Fleet: $748 32 acres of established growing hayground has 5220 of direct expenses per acre Rented the chisel plow to the Jones family for $20,000, which has not been paid for yet The payment from them is due next month States Focus MacBook Air DOO 000 F4 F5 F6 F8 Normal No Spacing Heading 1 Credit card balances: Venture One for $1,025 208 acres of new growing hay ground has $170 per acre of direct expenses Purchased breeding livestock on hand. These were recently purchased and market values are the same as the purchase price. 1 Beef Bull that cost $1,500 o 9 Beef Cows costing $1,800 each o 1 Bred heifer that cost $1,400 o 4 open heifers that cost $600 each There are several buildings and many improvements, but in total the original cost of buildings and improvements was $1,225,643 with accumulated depreciation of $855,268. Based on recent sales of nearby farms, estimated market value today is $824,350 Inventory of raised breeding livestock, base value per head, and current market value information is below. Head Beginning of Year Base Mekt Value/Head Value/Head 150 400 Breeding Stock Dairy Calves Head End of Year Base Mrit Value/Head Value/Head 150 400 10 10 Dairy Bull 1 800 1,050 1 800 1,050 185 1.200 1,780 199 1,200 1,625 1.000 1,175 65 1.000 1.175 Dairy Cows Dairy Bred Heifers Dairy Open Heifers 80 700 800 87 700 800 Land 390.5 acres purchased in 2004 for $2.875 per acre. Now worth $3,433 per acre 50 acres purchased in 2014 for $9,000. Now worth $9,000 per acre ited States) O Focus Machinery and Equipment Tractor 1 purchased in 2012 (remember this is 2014) for $225,000. Depreciation is based on straight-line, zero salvage value and 7 years of useful life. "Blue Book" (market value) today is $180,000. Assume the year of purchase was a full year of depredation Tractor 2 purchased in 2010 for $140,000. Depreciation based on straight-line, zero salvage value and 7 years useful life. "Blue Book" - $75,000 Skaid loader purchased in 2011 for $20,000. Depreciation: straight-line, S4,000 salvage value and 5 years useful life. Blue Book market value = $15,000 All other machinery and equipment have total purchase cost of $650,000, accumulated depreciation of $475,764 and market value today of $521,325 Loans Non-term and Operating loans Operating line of credit: Current balance of $192,879, accrued interest of $488 and 3.04% interest rate (no information on date received or next payment) Risk line of credit for marketing: 3,04% rate, $37 accrued interest and a balance of $14,549 Term Debt FPP bide/land improvements: 3.28% interest, $1,702 accrued interest, principal due beyond this year of $531,061 and principal due this year of $91,918 FPP Machinery Note: principal due beyond this year of $113,363, principal payment this year of $45,664, 265% interest rate and $145 of accrued interest Mortgage and Land contracts Just made a payment on both loans so interest is paid to date, that is, no accrued interest REM: 3.25% interest rate, long-term balance of 51,253,809 and payment this year of 567,268 Land Contract: 2.85% interest rate, torip-term balance of $25,361, principal payment this year of S4,655 Accrued Expenses/Liabilities Employer withholding due but not paid $211 - Other assets Vehicles with cost and market value of $19,500 (intermediate Asset) ed States) O Focus Other assets o Vehicles with cost and market value of $19,500 (Intermediate Asset) Investment in ABC Cooperative is long-term (Fixed Asset): $5,482 The following do not go on a schedule, but instead are inputs directly to the balance sheet in the Owner Equity Section Net income this year was $141,226 and the accumulation of past income (past retained earnings is $495,207 The sum of capital originally contributed to start the farm and since then totals $240,518. There was zero new capital contributions this year. There was no owner withdrawal for any reason and no capital distributions this year. Condith Format Pasto H D E End of Year Balance Sheet Schedules For: Whkenant Farms Year Ending: 2014 User input in yellow shaded areas Values in blue shaded areas need to be transferred to the balance sheet. There is no automatic transfers. Schedule A: Cash Checking. Savings, Money Market Accounts, Hedging Accounts Description Balance Use for both Cost & Market Paris 7 United Savines 8 9 10 Total cost and market value transfer to BS) Heding Account Balances Hedging Account Balances 12 13 14 15 26 17 Total Hedging Account Balances, cost and market value (transfer to as), Schedule B: Marketable Securities #of shares or Acquisition priceper share/unit Cost Basis Use Cost Value 0 0 Current share/unit price Description Mit Basis Use Mrkt Value 0 0 O O 19 20 21 22 23 24 25 26 27 O 0 0 0 0 0 Total cost and market value transfer to BS) General Farm & Financial Info BS Schedules Beginning & Ending BS Deferred Taxes MacBook Air 28 Schedule C: Accounts, Notes, and Contracts Receivable! Written documentation, Amount Due in Amount Due in oral agreement or Accrued interest Amount Due Next the intermediate Long-term some other Interest Rate Total Balance Due 12 Months term (2-10 years) Beyond 10 Years arrangement? Description of Accounts, Notes, and Contracts Receivable Day in Arrears 30 31 32 33 35 36 37 38 Total Cost and Market Values (transfer to BS) 0 39 Current Asset Intermediate Fixed Asset Includes anything earned and owed to you, but not yet paid sales of products, crop insurance/other insurance indemnities, govt program payments, etc.) 40 Also include any accrued interest owed. Totals are the same for Cost and Market Basis balance sheet 41 Paste 48 F G Year Ending: 2014 Mrkt Basis BS Use Market Value - B D E End of Year Balance Sheet Schedules For: Whisenant Farms - Products (crops, livestock, milk etc.) raised/harvested for sale Products (feed) raised for use as an input - Products (crops, feed, livestock, etc.) purchased for later resale Cost Bas 565 Use Market Units Units in Market Value per Value see Products raised for sale description Inventory unit footnote) S 6 7 8 9 0 1 2 3 4 Total Crops and Feed Inventory: Lower of Cost or Cost Basis BS Market Value per Use Lower of Cost unit or Mrkt Units Units in (Market Value Value (see 55 Products raised for use as an input description Inventory recommended) footnote 56 57 58 59 60 61 62 63 64 Total Market Livestock Inventory: Mrkt Basis BS Use Lower of Cost or Market Value -- General Farm & Financial Info BS Schedules Beginning & Ending BS Deferred Taxes + AB D E F End of Year Balance Sheet Schedules For: Year Ending: Whisenant Farms or Mrkt (Cost Value Value (see recommended) footnote) per unit Units description Units in Inventory Use Lower of Cost or Mrkt Value 65 Products purchased for later resale 66 67 68 69 70 71 72 73 Total Milk and/or Other Raised Products Inventorya Total Raised Inventory (transfer to BS) Note, the FFSC refers to "net realizable value", which is market value less selling costs. The term "market value will be used in the footnotes below and it refers to net realizable value (market valueless selling costs). Products raised for the intent and purpose of selling as a source of farm revenues are valued at market value for both cost and market basis balance sheets. The FFSC states that products raised for the intent and purpose of using as an input (e.g, feed) can be valued at market value, but the lower of cost or market value is preferred. Deriving a cost value is difficult record-keeping for a raised product, but using a market value can distort the use of the product as an input and effect financial outcomes accordingly. This spreadsheet system allows the user to use cost or market value, but users should stay consistent from one year to the next. Products purchased for the intent and purpose of later resale should be valued at the lower of cost or market value for the cost and market basis balance sheet. However, the recommendation is to use cost value for both balance sheets. 74 75 C D E F Whisenant Farms 2014 End of Year Balance Sheet Schedules For UNTS Unitsin description Inventory Year Ending: MKOSU Use Cost Value 78 Supplies in Inventory Sper unit Use Cost Value 79 80 81 82 83 84 85 86 87 BB Total Supplies (transfer to BS): Units in Inventory S per unit Units description 89 Purchased Crops/Feed Inventory Cost Basis B5 Use Cost Value Mrkt Basises Use Cost Value 90 91 92 93 94 95 96 97 Units description Total Purchased feed (transfer to BS): Units in Inventory Sper unit Cost Basis BS Use Cost Value Mrkt Basis BS Use Cost Value 98 Prepaid expenses 99 100 101 102 103 104 105 Total Prepaid expenses (transfer to BS): Sper Acre of Direct Cost Basis BS Mrkt Basis BS now MA REAR CON General Farm & Financial Info BS Schedules Beginning & Ending BS Deferred Taxes C D E G End of Year Balance Sheet Schedules For: Whisenant Farms Year Ending: 2014 Mrkt Basis BS Use Cost Value 104 205 Total Prepaid expenses (transfer to BS): $ per Acre of Direct Cost Basis BS 106 Investment in Growing Crops (direct exp only) Acres Expenses Use Cost Value 107 108 109 110 111 112 113 114 Total investment in growing crops (transfer to BS): 115 Total Purchased Inventories: 116 For purchased inventories, use the cost (purchase) value for both the Cost and Market Basis balance sheets. 117 118 119 Schedule : Other Current Assets Cost Basis.BS Use Cost Value Mrkt Basis BS Use Cost Value Description 120 121 122 126 127 128 129 Total Other Current Assets transfer to BS) 2014 End of Year Balance Sheet Schedules for Whisenant Farms Year Ending: Schedule G: Raised Breeding Livestock (Base Value Method) Beginning of the Year Inventory (Head) End of the Year Inventory Head) Beginning of the End of the Year Year Base Value per Base Value per head head End of Year Market value per head Cost Basis Total Cost Value (Base Value Mrkt Basis BS Total Market Value Accrual Gain (Loss) dueto Base Value Change Type of freeding Animal Adjustment 32 33 34 35 36 37 30 - 40 Totals for Ralsed Breeding Ulvestock transfer to : Schedule Hi Purchased Breeding Livestock End of the Yew Acquisition Total Accumulated Corts Inventory Depreciation Cost per head Uw Cost Value Dead Purchased Breeding Livestock Current Market Valveper head Mrit Basis Use Market Value 146 147 148 149 150 151 152 153 + 155 Totals for Purchased Breeding Livestock transfer to BS)
