Scenario On Jan. 31, 2019, Rhonda Rancher applied for a loan. Her banker, Larry Loanmaker, says the old balance sheet on file must be brought up to date before a loan will be considered. Rhonda spends the rest of the afternoon taking inventory and gathering the following information, which she plans to use to construct a balance sheet. Your task is to determine where each piece of would be listed on the balance sheet. In the blank to the right of each item, you should indicate one of the following:

Current Asset

Non-Current Asset

Current Liability

Non-current Liability

Owners Equity

(THIS IS THE QUESTION IN ITS ENTIRETY)

From scraps of paper, opened but unfiled envelopes of mail, old receipts, invoices and bills, and some of her other records, Rhonda has the following information:

Wheat, stored on farm in a grain bin, 6000 bushels of wheat 1.________________

The current market price for wheat is $4.50 per bu.

Hay, stored in a barn on the farm, 50 tons @ $110.00 per ton 2.________________

Growing wheat, 280 acres 3.________________

(note, she estimates she has spent $22.50 per acre so far in seed and other costs on this crop)

Farm mortgage payment due 4/01/19 4.________________

(note, this payment includes $14,000 principal + $20,000 accrued interest)

Farm mortgage balance after 4/01/19 payment (what she still will owe), $208,000 5.________________

Barn, equipment sheds, fencing and other property improvements, $125,000 6.________________

Note payable on feeder cattle (full balance due 11/15/19), $34,000 7.________________

Calves to be sold in May, 98 head @ $275 per head 8.________________

Feeder cattle, to be sold in 60 days, 138 head @ $575 per head 9.________________

Farm vehicles, current book value, $15,500 10._______________

Other machinery & farm equipment, current book value, $80,500 11.______________

Loan payment on beef cows due 10/01/19 12._______________

(note, this payment includes $9,000 principal + $3,900 accrued interest)

Loan for beef cows, balance after 10/1/19 payment, $38,000 13._______________

Land, 1020 acres (current estimated market value = $850 per acre) 14._______________

(note, the land was originally purchased for 400 per acre)

Beef breeding cows, 50 head, estimated market value = $650 per head 15._______________

Bulls, 2 head @ $1,000 each 16._______________

Checking account balance, $5,400 17._______________

Account payable at Joe's Feed & Seed, $4,200 18._______________

Account receivable from hay sale to neighbor, $1,600 19._______________

Shop Equipment (welder, lathe, drill press, etc.), book value of $2,000 20._______________

Paid in advance for $6,000 worth of feed in order to get a good price on it 21._______________

(note, the feed will be delivered in March 2019)

Income and social security taxes on 2018 income is estimated at $7,200. 22._______________

Rhonda contributed $50,000 to get her business started. 23._______________

Estimated deferred tax on income, assuming a tax rate of 25%. 24._______________

Estimated deferred tax on capital gains on farmland, assuming a tax rate of 15% 25. ______________