PROBLEMS 8-1 Using the information in the chapter for the Farmers' second productive year for the apple orchard and the information below for the third year, determine the amount to be reported on the balance sheet for Cash Investment in Growing Crops. Then calculate the Change in Cash Investment in Growing Crops. Assume that the crop was not harvested by the end of the year and prepare the journal entry. Then prepare a partial income statement and balance sheet for the effects of the third year. The financial statements for the second year reported the following: Income Statement: Cash Crop Sales Effect on Gross Revenue Operating Expenses + Change in Investment in Growing Crops Net Effect on Operating Expenses Balance Sheet: Assets: Cost and Market $2,900 Net Effect on Net Farm Income from Operations Cash Investment in Growing Crops The information for the third year includes the following: Cash sales of second year crop = $3,000 Cash expenditures for third year's crop = $2,600 250 $2,900 250 $3,150 $2,750

PROBLEMS 8-1 = Using the information in the chapter for the Farmers' second productive year for the apple orchard and the information below fac the third year, determine the amount to be reported on the balance sheet for Cash Investment in Growing Crops. Then calculate the Change in Cash Investment in Growing Crops. Assume that the crop was not harvested by the end of the year and prepare the journal entry. Then prepare a partial income statement and balance sheet for the effects of the third year. The financial statements for the second year reported the following: Income Statement: Cost and Market Cash Crop Sales $2,900 Effect on Gross Revenue $2,900 Operating Expenses + Change in Investment in Growing Crops 250 Net Effect on Operating Expenses Net Effect on Net Farm Income from Operations $3,150250 Balance Sheet: Assets: Cash Investment in Growing Crops $2,750 The information for the third year includes the following: Cash sales of second year crop =$3,000 Cash expenditures for third year's crop =$2,600 PROBLEMS 8-1 = Using the information in the chapter for the Farmers' second productive year for the apple orchard and the information below for the third year, determine the amount to be reported on the balance sheet for Cash Investment in Growing Crops. Then calculate the Change in Cash Investment in Growing Crops. Assume that the crop was not harvested by the end of the year and prepare the journal entry. Then prepare a partial income statement and balance sheet for the effects of the third year