I have been very confused about this question please answer it by showing your work. Here is the data I have made, does it correctly answer the question? Have I done it right? If not please thoroughly answer it.

Here is what I came up with, Alexander Farms, Inc. Balance Sheet As of September 30, Current Year

Assets:

• Land: $490,000
• Barns and Sheds: $78,300
• Irrigation System: $20,125
• Citrus Trees: $76,650
• Livestock: $120,780
• Farm Machinery: $42,970
• Accounts Receivable: $22,365
• Cash: $16,710

Total Assets: $847,900 (Sum of all assets)

Liabilities:

• Notes Payable: $330,000
• Accounts Payable: $77,095
• Property Taxes Payable: $9,135
• Wages Payable: $5,820

Total Liabilities: $422,050 (Sum of all liabilities)

Equity:

• Capital Stock: $290,000
• Retained Earnings: To be calculated

Total Equity: To be calculated (Sum of Capital Stock and Retained Earnings)

Now, let's calculate Retained Earnings:

Retained Earnings = [Total Assets - Total Liabilities] - Capital Stock

Retained Earnings = [$847,900 - $422,050] - $290,000 Retained Earnings = $425,850 - $290,000 Retained Earnings = $135,850

Total Equity: $135,850 (Sum of Capital Stock and Retained Earnings)

Total Liabilities and Equity: $557,900 (Sum of Total Liabilities and Total Equity)

For Part B:

Assuming that a tornado destroyed one of the barns costing $14,000 and there was no insurance, we need to adjust the balance sheet to reflect this loss:

Adjusted Balance Sheet After Loss:

Assets:

• Land: $490,000
• Barns and Sheds: $78,300 - $14,000 (Cost of destroyed barn) = $64,300
• Irrigation System: $20,125
• Citrus Trees: $76,650
• Livestock: $120,780
• Farm Machinery: $42,970
• Accounts Receivable: $22,365
• Cash: $16,710

Total Assets: $824,830 (Sum of all assets after the loss)

Liabilities:

• Notes Payable: $330,000
• Accounts Payable: $77,095
• Property Taxes Payable: $9,135
• Wages Payable: $5,820

Total Liabilities: $422,050 (No change in liabilities due to the loss)

Equity:

• Capital Stock: $290,000
• Retained Earnings: $135,850 (Retained Earnings calculated previously) - $14,000 (Loss of barn) = $121,850

Total Equity: $411,850 (Sum of Capital Stock and Retained Earnings after the loss)

Total Liabilities and Equity: $834,900 (Sum of Total Liabilities and Total Equity after the loss)

This adjusted balance sheet reflects the loss of the barn due to the tornado, reducing the value of Barns and Sheds and impacting Retained Earnings. Did I do this correctly? are there any issues? If not please update this as you see fit.

Instructions Your assignment for this chapter is to complete Problem 2.6A and Problem 2.10A from the textbook. For assistance with these problems, please view (11.02) demonstration video. Submission Instructions - Follow the assignment submission instructions included in your textbook. You will submit your solution as an "Excel" and/or "Word" attachment. If a text response is required, please use MS Word to provide explanations. For any assignment in Excel, you need to use the formulas for any calculations. - If possible, use one workbook with each problem in a separate worksheet - Upload all attachments under ONE submission if you are submitting more than one file. Please do not submit homework problems in parts. All must be completed with ONE assignment submission - For due dates, please see the course schedule. LO2-4 PROBLEM 2.6A Preparing a Balance Sheet-A Second Problem The following list of balance sheet items are in random order for Alexander Farms, Inc., at September 30, current year. Instructions a. Prepare a balance sheet by using these items and computing the amount for Retained Earnings. Use a sequence of assets similar to that illustrated in Exhibit 2-10. (After "Barns and Sheds," you may list the remaining assets in any order.) Include a proper heading for your balance sheet. b. Assume that on September 30 , immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $14,000 and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn. Instructions Your assignment for this chapter is to complete Problem 2.6A and Problem 2.10A from the textbook. For assistance with these problems, please view (11.02) demonstration video. Submission Instructions - Follow the assignment submission instructions included in your textbook. You will submit your solution as an "Excel" and/or "Word" attachment. If a text response is required, please use MS Word to provide explanations. For any assignment in Excel, you need to use the formulas for any calculations. - If possible, use one workbook with each problem in a separate worksheet - Upload all attachments under ONE submission if you are submitting more than one file. Please do not submit homework problems in parts. All must be completed with ONE assignment submission - For due dates, please see the course schedule. LO2-4 PROBLEM 2.6A Preparing a Balance Sheet-A Second Problem The following list of balance sheet items are in random order for Alexander Farms, Inc., at September 30, current year. Instructions a. Prepare a balance sheet by using these items and computing the amount for Retained Earnings. Use a sequence of assets similar to that illustrated in Exhibit 2-10. (After "Barns and Sheds," you may list the remaining assets in any order.) Include a proper heading for your balance sheet. b. Assume that on September 30 , immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $14,000 and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn