Question
Line Item Value Line Item Value Corn 12,000 bu. $3.40 per bushel Prepaid Expenses $52,000 Soybeans 2,000 bu. $9 . 75 per bushel FBT Farm
Line Item | Value | Line Item | Value |
Corn 12,000 bu. | $3.40 per bushel | Prepaid Expenses | $52,000 |
Soybeans 2,000 bu. | $9.75 per bushel | FBT Farm Truck | $14,504 |
Machinery | $425,000 | FBT Land Note | $180,679 |
Bldgs. & Improvement | $75,000 | Accounts Receivable | $25,000 |
Farm and Home | $255,000 | FBT Tractor | $32,044 |
Cash | $20,000 | Titled Vehicles | $50,000 |
RLOC Balance | $225,000 | Personal Liabilities | $5,517 |
FBT Combine | $46,442 | Personal Assets | $52,000 |
Accrued Interest | $40,210 | Principal due in 12 months on term debts | $32,950 |
*Hint: You will have a value for Total Farm Assets and Total Farm Liabilities and a value for Total Assets and Total Liabilities. Total Farm Assets and Total Farm Liabilities exclude Personal Assets and Personal Liabilities. Net Worth includes all farm line items and personal line items!
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