C. Enter each of the following assets or liabilities and its value in its proper section...

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C. Enter each of the following assets or liabilities and its value in its proper section of the Net Worth Statement format below. Some items will require more than one entry. However, not all lines will be filled. (12 points) a. You have 200 head of feeder cattle in the feedlot that average 1,000 pounds each. Current selling price for similar cattle is $125 per hundredweight. You borrowed $150,000 from the bank 6 months ago to purchase them. Interest has been accruing at a 6% annual rate. b. A beef breeding bull purchased recently for $4,500. c. A cattle trailer that was purchased for $25,000 three years ago. You have deducted $7,000 in depreciation expense on it so far, but your neighbor recently offered to buy it from you $21,000. d. You borrowed $20,000 to buy the trailer. You have made 2 payments of $5,000 principal each plus interest. In three months you will have to make another payment of $5,000 plus $700 interest. However, accrued interest as of today is only $500. e. You have 300 large round hay bales stored, weighing an average of 1,000 pounds each. Hay is currently selling for $140 per ton at local auctions. Net Worth Statement for Lonesome Acres Ranch February 1, 20XX Current Assets Intermediate and Long-term Assets Cost Value Market Value O Curent Liabilities Intermediate and Long-term Liabilities C. Enter each of the following assets or liabilities and its value in its proper section of the Net Worth Statement format below. Some items will require more than one entry. However, not all lines will be filled. (12 points) a. You have 200 head of feeder cattle in the feedlot that average 1,000 pounds each. Current selling price for similar cattle is $125 per hundredweight. You borrowed $150,000 from the bank 6 months ago to purchase them. Interest has been accruing at a 6% annual rate. b. A beef breeding bull purchased recently for $4,500. c. A cattle trailer that was purchased for $25,000 three years ago. You have deducted $7,000 in depreciation expense on it so far, but your neighbor recently offered to buy it from you $21,000. d. You borrowed $20,000 to buy the trailer. You have made 2 payments of $5,000 principal each plus interest. In three months you will have to make another payment of $5,000 plus $700 interest. However, accrued interest as of today is only $500. e. You have 300 large round hay bales stored, weighing an average of 1,000 pounds each. Hay is currently selling for $140 per ton at local auctions. Net Worth Statement for Lonesome Acres Ranch February 1, 20XX Current Assets Intermediate and Long-term Assets Cost Value Market Value O Curent Liabilities Intermediate and Long-term Liabilities

Answer rating: 100% (QA)

a Feeder Cattle Given 200 head of feeder cattle Average weight 1000 pounds each Current selling price 125 per hundredweight cwt Calculations Total wei... View the full answer