homework3-2010 - BALANCE SHEET I Rhonda Rancher has applied...

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1 BALANCE SHEET I. Rhonda Rancher has applied for a loan. Her banker, Larry Loanmaker, says the old balance sheet on file must be brought up to date before a loan will be considered. Rhonda spends the rest of the afternoon taking inventory and gathering other information. Complete the balance sheet on a separate page using the information below compiled by Rhonda on January 15, 2010. Milo on hand 4200 cwt. @ $4.00 per cwt. Hay on hand 80 tons @ $50.00 per ton Growing wheat 300 acres @ $50.50 per acre Farm mortgage (due4/01/10) $14,000 principal $20,000 accrued interest balance after 4/01/10 payment $228,000 Buildings & improvements $58,000 Note payable on feeder cattle (all due 11/15/10) $39,000 Calves (to be sold in May 2010) 98 head @ $375 per head Feeder cattle (to be sold in 60 days) 140 head @ $625 per head Note payable at bank (all due 3/1/10) $42,000 Vehicles $25,500 Other machinery & equipment $140,500 Loan on beef cows (due 10/01/10) $8,500 principal, $2,900 accrued interest balance after 10/1/10 payment $35,000 Land (present market value) 1000 acres @ $760 per acre Beef breeding cows 105 head @ $800 per head Bulls 4 head @ $2,000 each Checking account balance $7,400 Account payable at Joe's Feed & Seed $2,200 Account receivable $3,600 Shop Equip. (welder, lathe, drill press, etc.) $2,900 Ford Motor Co. stock 200 shares @ $65 per share Other Information 1) Has paid in advance for $5,000 worth of feed in order to get a good price on it. The feed will be delivered in May, 2010. 2)
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homework3-2010 - BALANCE SHEET I Rhonda Rancher has applied...

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