Question: Using the information below, complete the balance sheet for January 1, 2019 in the space provided. Then answer the questions. Accounts payable $16,500 Accounts receivable

Using the information below, complete the balance sheet for January 1, 2019 in the space provided. Then answer the questions.

  • Accounts payable $16,500
  • Accounts receivable $15,500
  • Checking account balance $9,415
  • Other Crops $125,000
  • Machinery and equipment $185,000
  • Soybeans $18,400
  • Net present value of land $550,000
  • Principal loan payment on land of $16,000 leaving a remaining balance of $320,000. $18,750 in interest due.
  • Taxes payable $17,000
  1. What was the total value of liabilities on January 1, 2019?

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

  1. What was the farms current ratio?

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