Question: Use the information below to construct a balance sheet for January 1, 2019. Then answer the questions that follow. Accounts payable $12,000 Accounts receivable $8,250

Use the information below to construct a balance sheet for January 1, 2019. Then answer the questions that follow.

  • Accounts payable $12,000
  • Accounts receivable $8,250
  • Accrued interest on land loan of $2,000
  • Breeding livestock (raised) $165,000
  • Checking account balance $17,500
  • Crops $125,000
  • Machinery and equipment $275,000
  • Market livestock $115,000
  • Net present value of land $1,500,000
  • Principal loan payment on land of $40,000 leaving a remaining balance of $920,000
  • Taxes payable $17,000

How much profit did the farm make as of January 1, 2019?

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