2. For each of the following items, tell me where they would go on a balance...

 

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2. For each of the following items, tell me where they would go on a balance sheet or that they would not go on a balance sheet. I want the name of the line on the balance sheet and the section (i.e. accounts payable in current liabilities). a. You buy fertilizer in December to use the next spring. The fertilizer will not be delivered until it is used. b. The costs associated with planting winter wheat. c. You sold hay to a neighbor, but he isn't going to pay you until February. d. Feeder calves you purchased and plan to feed out then sell. e. Replacement heifers. f. Money owed to Cal Ranch at the end of the year. g. Mortgage i. Principal due within the next year ii. Principal due beyond the next year iii. Accrued interest at the end of the year h. Estimated income tax payable during spring 2015 on income generated during 2014 on the December 31, 2014 balance sheet. i. Family car j. Farm truck 3. Why is it important to prepare balance sheets at the same time each year? 2. For each of the following items, tell me where they would go on a balance sheet or that they would not go on a balance sheet. I want the name of the line on the balance sheet and the section (i.e. accounts payable in current liabilities). a. You buy fertilizer in December to use the next spring. The fertilizer will not be delivered until it is used. b. The costs associated with planting winter wheat. c. You sold hay to a neighbor, but he isn't going to pay you until February. d. Feeder calves you purchased and plan to feed out then sell. e. Replacement heifers. f. Money owed to Cal Ranch at the end of the year. g. Mortgage i. Principal due within the next year ii. Principal due beyond the next year iii. Accrued interest at the end of the year h. Estimated income tax payable during spring 2015 on income generated during 2014 on the December 31, 2014 balance sheet. i. Family car j. Farm truck 3. Why is it important to prepare balance sheets at the same time each year?

Answer rating: 100% (QA)

1You buy fertilizer in December to use the next spring The fertilizer will not be delivered untill i... View the full answer