Income statement and the net worth (balance sheet) statement Net Income Statement Name: Grumpy Farms Year: 2018 $293,328 283,815 577,143 Cash farm income Corn Sales Hog Sales Gross Cash farm income Inventory changes* Corn Total inventory change Gross farm revenue 21.850 21,850 $598,993 $367,800 53.000 Cash farmexpenses Depreciation Total operating expenses Total interest expense Total expenses $420,800 $39.000 $459,800 Net farm income from operations (NFIO) $139,193 Capital Adjustments Machinery (sold tractor) Net Farm Income (NFI) $151,693 $45,000 Note: the unpaid labor and management expense was Net Worth Statement (market value) Name: Grumpy Farms Date: 1/01/2018 Date: 12/31/2018 Beginning Ending Average Assets Current assets Fixed assets S403,500 $1,112.500 $450,340 $1.250,000 $426,920 $1,181,250 Total farm assets $1,516,000 $1,700,340 $1,608,170 Liabilities Current liabilities Intermediate liabilities $195,025 S392.000 $190,230 S385,050 $192,628 $388,525 Total liabilities S587,025 $575,280 $581,153 Net Worth S928,975 S1,125,060 $1,027,018 Question 22 (3 points) Calculate and evaluate the ending debt to equity ratio for 2018. O 63.2%; fair 0 63.2%; strong 51.1%; fair 052.1.%; strong Question 23 (3 points) Calculate and evaluate return on assets (ROA) for 2018. O 11.1%; fair O 11.1%; strong 08.3%; fair 08.3%; strong Question 24 (3 points) Calculate and evaluate the ending debt to equity ratio for 2018. 063.2%; fair 063.2%; strong 51.1%; fair O 52.1.%; strong Question 25 (3 points) Calculate and evaluate return on assets (ROA) for 2018. O 11.1%; fair 11.1%; strong 08.3%; fair 08.3%; strong Question 26 (3 points) Given the values for NFIO and NFI, what is the value for capital adjustments for 2018? 0-$12,500 $0 O $12,500 None of the above are correct