Milo on hand4200 cwt. @ $4.40 per cwt.

Hay on hand 75 tons @ $50.00 per ton

Growing wheat 280 acres @ $22.50 per acre

Farm mortgage (due 4/01) $14,000 principal$20,000 accrued interest balance after 4/01 payment $208,000

Buildings & improvements$48,000Note payable on feeder cattle (all due 11/15)

$34,000Calves (to be sold in May) 98 head @ $275 per head

Feeder cattle (to be sold in 60 days) 138 head @ $575 per headNote payable at bank (all due 3/1) $52,000

Vehicles$15,500Other machinery & equipment$80,500

Loan on beef cows (due 10/01) $9,000 principal,$3,900 accrued interest balance after 10/1 payment $38,000

Land (present market value) 1020 acres @ $560 per acre

Beef breeding cows 106 head @ $650 per headBulls 4 head @ $1,000 each

Checking account balance $5,400

Account payable at Joe's Feed & Seed $4,200Account receivable $1,600

Shop Equip. (welder, lathe, drill press, etc.) $2,000Ford Motor Co. stock 200 shares @ $65 per share

Other Information

1)Has paid in advance for $6,000 worth of feed in order to get a good price on it. The feed will be delivered in May.

2)Income and social security taxes on last years income is estimated at $7,200.

3)Rhonda contributed $50,000 to get her business started.

4)Retained earnings since the beginning of the business equals $305,000.

QUESTIONS NEED TO BE ANSWERED BELOW:

1.What is Rhonda's owner's equity as of February 15? (2 point)Answer_____________2.How much working capital does Rhonda have? (2 point)Answer_____________3.What is her current ratio? (2 point)Answer_____________4.What is her debt/asset ratio? (2 point)Answer_____________5.What is her debt/equity ratio? (2 point)Answer_____________6. What is her equity/asset ratio? (2 point)Answer_____________7.Assume you are a financial consultant hired by Rhonda to analyze her financial condition. Based on this balance sheet, what part of her financial condition is most in need of improvement? WHY? (4 points)8.What does this balance sheet tell you about the amount of profit Rhonda made last year? Explain your answer. (4 points)