AGEC $340-$ Agribusiness Management

Homework $3-$ Financial Statements $(49$ points$)$

Financial Statements $(25$ points$)$

Scenario: You have been hired as a manager for a family$-$owned agribusiness that specializes in producing and selling organic fruits and vegetables, in addition to a pumpkin patch called Bernbeck Pumpkin Patch. The company has been in operation for the past three years and has experienced steady growth. The owner is interested in evaluating the company's financial performance to make informed decisions for future investments. Using the financial data provided below, fill in the missing pieces of data and missing calculations for the income statement and balance sheet ending December $31,2023.$ Leave any unused lines blank; you may not use all the data below. The cells that are highlighted in yellow require a calculation. Make sure your work is legible, or it will not be graded.

Financial Data:

Accounts Payable $=$$$25,000$

Accounts Receivable $=$$$50,000$

Bad Debt $=$$$1,450$

Cost of Organic Produce $=$$$65,000$

Decrease in Accounts payable $=$$$5000$

Decrease in accrued expenses $=$$$5000$

Depreciation on Equipment $=$$$6000$

Full$-$time salaries $=$$$120,000$

Depreciation on Processing$/$Shipping Facilities $=$$$20,000$

Increase in Accounts receivable$=$ $$2500$

Land $=$$$350,000$

Mortgage $=$$$185,000$

Organic fruits and vegetables sales $=$ $$457,000$