Using the information below create a balance sheet and an income statement for this farm. (Must be included with submission to earn completion credit.) You should break down the categories in the balance sheet to current, intermediate, and long-term. Owners equity is not listed below. Once you solve for it, label the account owners contribution.

• Accounts payable $16,500
• Breeding Livestock $80,000
• Family Living Expenses $25,000
• Gain on sale of machinery $11,000
• Machinery and equipment $185,000
• Mortgage Payment of $30,000 and interest payment of $3,000 with a remaining balance of $470,000
• Net present value of land $550,000
• Operating Expenses $28,200
• Operating loan payment of $16,000. $1,600 in interest due.
• Total Current Assets $125,000
• Total revenue $90,000
• Value of Operator Labor $24000
• Value of Operator Management $10000

Use the values of total assets, total liabilities, and total equity as the averages needed for the financial indicators for an income statement.

Calculate

1. Asset Turnover
2. Current ratio
3. Debt to asset ratio
4. Net farm income from operations
5. Operating profit margin ratio
6. Rate of return on assets
7. Working capital to gross revenue