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The purpose of the first lab assignment is to develop a better understanding of and ability to analyze the balance sheet. per head I Milo on hand 4200 cwt. @ $4.40 per cwt. Hay on hand 75 tons @ $50.00 per ton Growing wheat 280 acres @ $22.50 per acre Farm mortgage (due 4/01) $14,000 principal $20,000 accrued interest balance after 4/01 payment $208,000 Buildings & improvements $48,000 Note payable on feeder cattle (all due 11/15) $34,000 Calves (to be sold in May) 98 head @ $275 per head Feeder cattle (to be sold in 60 days) 138 head @ $575 Note payable at bank (all due 3/1) $52,000 Vehicles $15,500 Other machinery & equipment $80,500 Loan on beef cows (due 10/01) $9,000 principal, $3,900 accrued interest balance after 10/1 payment $38,000 Land (present market value) 1020 acres @ $560 per acre Beef breeding cows 106 head @ $650 per head Bulls 4 head @ $1,000 each Checking account balance $5,400 Account payable at Joe's Feed & Seed $4,200 Account receivable $1,600 Shop Equip. (welder, lathe, drill press, etc.) $2,000 Ford Motor Co. stock 200 shares @ $65 per share Other Information 1) Has paid in advance for $6,000 worth of feed in order to get a good price on it. The feed will be delivered in May. D E F G H 1 2 3 4 Current Assets B Rhonda Rancher Balance Sheet As of February 15, 2018 Assets Liabilities Current Liabilities: 5 6 7 9 10 12 13 15 16 17 Noncurrent Liabilties: 18 19 Noncurrent Assets: 20 21 22 23 24 25 Owner Equity 26 27 Sheet1 Sheet2 Sheet3 Sheet4 + 30 tv A The purpose of the first lab assignment is to develop a better understanding of and ability to analyze the balance sheet. per head I Milo on hand 4200 cwt. @ $4.40 per cwt. Hay on hand 75 tons @ $50.00 per ton Growing wheat 280 acres @ $22.50 per acre Farm mortgage (due 4/01) $14,000 principal $20,000 accrued interest balance after 4/01 payment $208,000 Buildings & improvements $48,000 Note payable on feeder cattle (all due 11/15) $34,000 Calves (to be sold in May) 98 head @ $275 per head Feeder cattle (to be sold in 60 days) 138 head @ $575 Note payable at bank (all due 3/1) $52,000 Vehicles $15,500 Other machinery & equipment $80,500 Loan on beef cows (due 10/01) $9,000 principal, $3,900 accrued interest balance after 10/1 payment $38,000 Land (present market value) 1020 acres @ $560 per acre Beef breeding cows 106 head @ $650 per head Bulls 4 head @ $1,000 each Checking account balance $5,400 Account payable at Joe's Feed & Seed $4,200 Account receivable $1,600 Shop Equip. (welder, lathe, drill press, etc.) $2,000 Ford Motor Co. stock 200 shares @ $65 per share Other Information 1) Has paid in advance for $6,000 worth of feed in order to get a good price on it. The feed will be delivered in May. D E F G H 1 2 3 4 Current Assets B Rhonda Rancher Balance Sheet As of February 15, 2018 Assets Liabilities Current Liabilities: 5 6 7 9 10 12 13 15 16 17 Noncurrent Liabilties: 18 19 Noncurrent Assets: 20 21 22 23 24 25 Owner Equity 26 27 Sheet1 Sheet2 Sheet3 Sheet4 + 30 tv A