Use the following information to develop both a beginning and ending year $($January $1,2023,$ and January $1,$

$2024)$ balance sheet for this example crop and stocker cattle farm. I would strongly recommend using the OSU

example balance sheet simple template that is posted to the Canvas site for this class, or a similar spreadsheet

template, because later on we are going to need the differences between beginning and ending values $($so if

you use a spreadsheet template it will do the calculations for you$).$ This will be part one of a couple of

assignments we will build on using this example farm. Whatever mechanism you use, save your result with a

unique file name somewhere that you can access it later $($thumb drive, your computer, cloud$)$ and turn in it$.$

January $1,2023$ inventories: Cash and checking account balance $$115,250\mathrm{.}00.$ Accounts receivable $$17,750\mathrm{.}00.$

Supplies on hand $$4,000\mathrm{.}00.$ Investment in growing wheat and canola $$200,000(1000$ acres at $$200\mathrm{.}00).$ Grain

on hand $$77,860\mathrm{.}00(19,000$ bu$.$ at $$5\mathrm{.}58/$bu$).$ Stocker cattle on wheat pasture $$528,750\mathrm{.}00(450$ hd$.$ At

$$1,175\mathrm{.}00$ each$).$ Machinery and equipment value $$847,375\mathrm{.}00.$ Building value $$128,000\mathrm{.}00.$ Owned land value

$$1,400,000\mathrm{.}00.$ Operating loan balance $$108,000\mathrm{.}00,$ and stocker cattle loan balance $$475,200\mathrm{.}00($again$,$

depending on the template you use you may need to combine these on one line as a current liability$).$

Accounts payable $$7,575\mathrm{.}00.$ Accrued interest $$22,000\mathrm{.}00.$ Machinery loan total balance $$456,166\mathrm{.}00,$ with

$$75,545\mathrm{.}00$ principle due within next year. Real estate loan balance $$487,900\mathrm{.}00,$ with $$17,775\mathrm{.}00$ principle

due within next year.

January $1,2024$ inventories: Cash and checking account balance $$135,250\mathrm{.}00.$ Accounts receivable

$$18,000\mathrm{.}00.$ Supplies on hand $$5,600\mathrm{.}00.$ Investment in growing wheat and canola $$190,000(1000$ acres at

$$190\mathrm{.}00).$ Grain on hand $$114,380\mathrm{.}00(19,000$ bu$.$ at $$6\mathrm{.}02/$bu$).$ Stocker cattle on wheat pasture $$562,500\mathrm{.}00$

$(450$ hd$.$ at $$1,250\mathrm{.}00$ each$).$ Machinery and equipment value $$795,375\mathrm{.}00.$ Building value $$128,000\mathrm{.}00.$

Owned land value $$1,200,000\mathrm{.}00.$ Operating loan balance $$113,000\mathrm{.}00,$ and stocker cattle loan balance

$$525,000\mathrm{.}00($again$,$ depending on the template you use you may need to combine these on one line as a

current liability$).$ Accounts payable $$12,500\mathrm{.}00.$ Accrued interest $$26,000\mathrm{.}00.$ Machinery loan total balance

$$380,621\mathrm{.}00$ with $$72,801\mathrm{.}00$ principle due within next year. Real estate loan balance $$470,125\mathrm{.}00,$ with

$$17,750\mathrm{.}00$ principle due within next year.Please fill in the yellow shaded cells. Orange shaded cells will fill in automatically.

Name:

Date Statement Developed:

Business type $($consolidated or personal$)$ :

Cost basis or Market Basis :

Cash & Checking

Accounts Receivable

Prepaid Expenses

Cash Investment Growing Crops

Inventories

Marketable Livestock

Stored Crops and Feed

Purchased Feed

Supplies

Other Current Assets

TOTAL CURRENT FARM ASSETS

Non$-$Farm Assets

Savings

Marketable Securities

Other Non$-$Farm AssetsPlease fill in the yellow shaded cells. Orange shaded cells will fill in automatically.

Name:

Date Statement Developed:

Business type $($consolidated or personal$)$ :

Cost basis or Market Basis :

Cash & Checking

Accounts Receivable

Prepaid Expenses

Cash Investment Growing Crops

Inventories

Marketable Livestock

Stored Crops and Feed

Purchased Feed

Supplies

Other Current Assets

TOTAL CURRENT FARM ASSETS

Non$-$Farm Assets

Savings

Marketable Securities

Other Non$-$Farm Assets$1$