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Lesson 1 Activity 1 Review the chapters1-4 and information on the course page. Activity 2 Download the Lesson 1 assignment. Complete the Lesson 1 assignment Activity 3 The exercise allows the user to piece together an actual set of financial statements by using the information provided by an example ranch business. In this case, it has a list of accounts associated with each of the balance sheet and income statement. You will be required to place each account into its proper classification within each financial statement. The basic goal of this exercise is to be able to identify proper placement of each of the accounts associated with their respective financial statements. If done properly, the numbers used in calculating the financial ratios should match up with some of the ones generated from the financial statements. Activity 4 Complete the assignment in a word document or by using the worksheet. Make sure you are clear with your responses. Utilize your textbook as a resource for the information that it is asking for you to input. This assignment is due at the end of Week 1. The Basics of Financial Statements Balance Sheet Instructions The exercise allows the user to piece together an actual set of financial statements by using the information provided by an example ranch business. In this case, it has a list of accounts associated with each of the balance sheet and income statement. You will be required to place each account into its proper classification within each financial statement. The basic goal of this exercise is to be able to identify proper placement of each of the accounts associated with their respective financial statements. If done properly, the numbers used in calculating the financial ratios should match up with some of the ones generated from the financial statements. BASIC BALANCE SHEET ASSETS B D A+B+C+DEE Current Assets S F G H F-G+H=I Net Non-Current Assets S Total Assets E +I=J S LIABILITIES K L M N K+L+M+N=0 Current Liabilities P Q P+Q Non-current Liabilities Total Liabilities 0+P+Q=R S EQUITY Owner's Equity J-R=S S Total Liabilities & Equity R+S=T 1,700.00 1,000.00 Accounts Payable Accounts Receivable Accrued expenses Inventory Non Current Liabilities Land Debt Current Portion of debt Non Current Assets at cost Cash Accumulated Depreciation Prepaid expenses Land Income Taxes Payable West Texas Ranch $ $ $ $ $ $ $ $ $ $ $ $ $ 2,900.00 10,000.00 176,371.00 9,737.00 496,380.00 77.526.00 71,870.00 2,000.00 1,500,000.00 BASIC INCOME STATEMENT CROSS REVENUE TOTAL A B Gues Rate A+B+C=D EXPENSES E F G H 1 j Toal Opening Expeace E+F+G+H+I+J+K=L | Netlacome from Operation M D. MEN P NT INCOME N+0.P=0 West Texas Ranch S Non Cash Transfer out Capital Gains (Lasses) Lator Veterinary Taxes Inventory Change Expenses Interest Esse Repairs and Maintenance S S S S S S S S S S S Total 10.193.00 32.870.00 48.000.00 (13,384.00) 48,000.00 5.825.00 10,500.00 5.470.00 18.454.00 38.629.00 175.838.00 23.400.00 2.900 Feed Invern & Accounts Recente ringe