Rhonda spends the rest of the afternoon taking inventory and gathering other information. Develop a balance sheet and the information below compiled by Rhonda on February 5, 2019.

Corn on hand 4500 bu. @ $3.60 per bu.

Hay on hand 75 tons @ $100.00 per ton

Growing wheat 280 acres @ $22.50 per acre

Farm mortgage (annual payment due 4/01/19) $14,000 principal

$20,000 accrued interest

balance after 4/01/19 payment $308,000

Buildings & improvements $48,000

Note payable on feeder cattle (all due 11/15/19) $34,000

Calves (to be sold in May 2019) 98 head @ $275 per head

Feeder cattle (to be sold in 60 days) 138 head @ $575 per head

Note payable at bank (all due 3/1/20) $52,000

Vehicles $15,500

Other machinery & equipment $80,500

Loan on beef cows (annual payment due 10/01/19) $9,000 principal,

$3,900 accrued interest

balance after 10/1/19 payment $38,000

Land (present market value) 200 acres @ $3100 per acre

Beef breeding cows 106 head @ $650 per head

Bulls 4 head @ $1,000 each

Checking account balance $5,400

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

Account receivable $1,600

Shop Equip. (welder, lathe, drill press, etc.) $2,000

Ford Motor Co. stock 200 shares @ $65 per share

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, 2019

2) Income and social security taxes on 2018 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.

1. What is Rhonda's owner's equity?

2. How much working capital does Rhonda have?

3. What is her current ratio?

Explain what this ratio measures

4. What is her debt/asset ratio?

Explain what this ratio measures?

5. Debt/equity ratio? Explain what this ratio measures?

6. Equity/asset ratio? Explain what this ratio measures?