Solve the following

  
 

BALANCE SHEET Rhonda Rancher has 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 other information. Complete the balance sheet on the attached pages using the information below compiled by Rhonda on February 15, 2008. Milo on hand. Hay on hand - Growing wheat - Farm mortgage (due4/01/08) -Buildings & improvements - Note payable on feeder cattle (all due 11/15/08) -Calves (to be sold in May 2008) -Feeder cattle (to be sold in 60 days) - Note payable at bank (all due 3/1/09) -Vehicles -Other machinery & equipment -Loan on beef cows (due 10/01/08) -Land (present market value) -Beef breeding cows - Bulls -Checking account balance -Account payable at Joe's Feed & Seed -Account receivable -Shop Equip. (welder, lathe, drill press, etc.) -Ford Motor Co. stock Other Information - 1) 2) -3) 4) 4200 cwt. @ $4.40 per cwt. 75 tons @ $50.00 per ton 280 acres @ $22.50 per acre $14,000 principal $20,000 accrued interest $208,000 $48,000 $34,000 balance after 4/01/08 payment 98 head @ $275 per head 138 head @ $575 per head $52,000 $15,500 $80,500 $9,000 principal, $3,900 accrued interest balance after 10/1/08 payment $38,000 1020 acres @ $560 per acre 106 head@ $650 per head 4 head @ $1,000 each $5,400 $4,200 $1,600 $2,000 200 shares @ $65 per share 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 2008. Income and social security taxes on 2007 income is estimated at $7,200. Rhonda contributed $50,000 to get her business started. Retained earnings since the beginning of the business equals $305,000.