Question: Balance Sheet Worksheet Create a balance sheet for W. B. Ranch based on the following information for calendar year 2019. Accounts and Inventory at Start
Balance Sheet Worksheet Create a balance sheet for W. B. Ranch based on the following information for calendar year 2019. Accounts and Inventory at Start of Year: 1020 acres ofland bought for $560/ acre - Beef breeding cows 106 head @ 5650head - Buildings and Improvements $12,000 - Bulls 6 head @5.500 esch - Calves to be sold in May 98 head @ S275 per head - Cash on hand 55600 - Checking account balance 520,500 - Farm mortgage payment duc 4/1 cach year. Pay $14000 principal annually and $20000 acerued interest this year. $222,000 principal remaining. - Fam pick-up bought for $28,000 in 2013 with an expected usefill tife of 10 years and a salvage value of 53,000 . - Feeder cattle to be sold in April 138 head @ 5575 per head - Invested 5250,000 to start business - Loan on beef cows due October 1. Current balance S47,000. Pay 59,000 in principal and 53,900 in interest this year. - Milo on hand 1000 cwt @S4.40 per cwt - Note payable on feeder cattle due 11/15 534000 - Paid fced bill of 53,500 in January which was a lingering accounts payable from 2018. - Pay foderal taxes of $3,600 in April a. What was the total value of intermediate assets on Januay 1,20192 b. What was the total value of essets on Januay 1,2019 ? c. What was the total value of current liabilitics on Januay 1,2019 ? d. What was the total value of liabilitics on Januay 1,2019
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
