Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Question 1 Enter the beginning and ending balance sheets on separates sheets in your spreadsheet file. (20 points) Balance sheet for S.S. Crop Farm December
Question 1 Enter the beginning and ending balance sheets on separates sheets in your spreadsheet file. (20 points) Balance sheet for S.S. Crop Farm December 31, 2018 Current Liabilities Current Assets S 11,128 Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets $ 21,768 Accrued Interest $ 90,852 Accounts Payable $ 45,785 Current Notes $ 3,347 Government Crop Loans $ 332,732 Principal due on Term Debt $ 59,428 S 16,113 $ 172,892 $ 28,357 $ 45,606 S 553,912 Total Current Liabilities $ 274,096 Intermediate Assets $ 281,512 Total Intermediate Liabilities $ 387,933 $ 25,544 Total Long-Term Liabilities $ 68,382 $ 481,859 Total Liabilities Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $ 627,403 $1,183,011 Long Term Assets Total Equity S 649,293 Farm Land Buildings and Improvements Other Long-term Assets Total Farm Assets $ 614,750 $ 144,163 $ 37,620 $ 796,533 $1,832,304 Total Farm Assets Total Liabilities and Equity $1,832,304 Balance sheet for S.S. Crop Farm December 31, 2019 Current Assets Current Liabilities $ 10,941 $ 16,956 Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets Intermediate Assets $ 22,105 Accrued Interest $ 75,259 Accounts Payable $ 32,365 Current Notes $ 3,015 Government Crop Loans $336,412 Principal due on Term Debt $ 45,949 S515,105 Total Current Liabilities $ 186.018 $ 20,970 $ 46,902 $ 281,787 Total Intermediate Liabilities $ 305.768 $ 618.539 Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $ 425,800 $ 27,698 Total Long Term Liabilities $ 66,455 $ 519,953 Total Liabilities $1,206,094 Long Term Assets $ 682.663 Farm Land Buildings and Improvements Other long-term Assets Total Long-term Assets $ 655,116 Total Equity $ 156,806 $ 41,777 $853,699 Total Farm Assets $1.888,757 Total Liabilities and Equity 51.888,757 Question 1 Enter the beginning and ending balance sheets on separates sheets in your spreadsheet file. (20 points) Balance sheet for S.S. Crop Farm December 31, 2018 Current Liabilities Current Assets S 11,128 Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets $ 21,768 Accrued Interest $ 90,852 Accounts Payable $ 45,785 Current Notes $ 3,347 Government Crop Loans $ 332,732 Principal due on Term Debt $ 59,428 S 16,113 $ 172,892 $ 28,357 $ 45,606 S 553,912 Total Current Liabilities $ 274,096 Intermediate Assets $ 281,512 Total Intermediate Liabilities $ 387,933 $ 25,544 Total Long-Term Liabilities $ 68,382 $ 481,859 Total Liabilities Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $ 627,403 $1,183,011 Long Term Assets Total Equity S 649,293 Farm Land Buildings and Improvements Other Long-term Assets Total Farm Assets $ 614,750 $ 144,163 $ 37,620 $ 796,533 $1,832,304 Total Farm Assets Total Liabilities and Equity $1,832,304 Balance sheet for S.S. Crop Farm December 31, 2019 Current Assets Current Liabilities $ 10,941 $ 16,956 Cash and Checking Balance Prepaid Expenses and Supplies Account Receivable Hedging Accounts Crop inventory held for feed or sale Crop inventory under government loan Total Current Assets Intermediate Assets $ 22,105 Accrued Interest $ 75,259 Accounts Payable $ 32,365 Current Notes $ 3,015 Government Crop Loans $336,412 Principal due on Term Debt $ 45,949 S515,105 Total Current Liabilities $ 186.018 $ 20,970 $ 46,902 $ 281,787 Total Intermediate Liabilities $ 305.768 $ 618.539 Machinery and Equipment Titled Vehicles Other Intermediate Assets Total Intermediate Assets $ 425,800 $ 27,698 Total Long Term Liabilities $ 66,455 $ 519,953 Total Liabilities $1,206,094 Long Term Assets $ 682.663 Farm Land Buildings and Improvements Other long-term Assets Total Long-term Assets $ 655,116 Total Equity $ 156,806 $ 41,777 $853,699 Total Farm Assets $1.888,757 Total Liabilities and Equity 51.888,757
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started