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 farms working capital?

  1. What was the farms debt to equity ratio?

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