+ ID Pageview A Read aloud Add text 6. A farmer reports the following financial informa- tion for last year's operation: Current assets.......... 100,000 Net worth, end of year............. 100,000 Depreciation....... 10,000 Operating expenses.......................... 30,000 Ratio of total liabilities to net worth.. 3 Proprietor withdrawals 25,000 Change in inventory................ 15,000 Capital purchases 20,000 Operating receipts.......... 100,000 Noncurrent assets....... 200.000 Current liabilities 50,000 a. Use this information to formulate an annual income statement A Read aloud Add text V Draw PINANCIAL STATEMENTS AND b. Complete the year-end balance sheet. Assets Current Noncurrent Liabilities and Net Worth Current Noncurrent Net worth Total Total c. Indicate the beginning-of-year net worth. 7. A farmer contends that the value of growing crops on a balance sheet should be $100.000 to reflect their anticipated market value. The lender argues for BIBLIOGRAPHY