hwk22005 - Name_ 2. BALANCE SHEET Billy Jones has applied...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Name______________________ 2. BALANCE SHEET Billy Jones has applied for a loan at his local bank. His banker, Sam Smith, says his balance sheet on file with the bank is too old to use and says Billy must file a new one before a loan will be considered. Billy spends the rest of the afternoon taking inventory. Make a balance sheet on a separate piece of paper, then answer the questions on the next page, using the information below compiled by Billy on Feb 1, 2005. Hand in the balance sheet along with the answers to the questions. Land (present market value) 2,000 acres @ $200 per acre Beef brood cows 135 head @ $400 per head Bulls 4 head @ $1,000 each Checking account balance $8,000 Account payable at Bill's Feed Store $6,000 Horses (working) 4 @ $500 each Cash on hand $1,000 Wheat on hand 2,000 bu. @ $2.00 per bu. Hay on hand 100 tons @ $45.00 per ton Growing wheat 300 acres @ $20/acre Ranch mortgage - payment due 5/1/05 $30,000 - balance after 5/1/05 payment $265,000 Buildings & improvements
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/15/2011 for the course AGEC 7100 taught by Professor Duffy,p during the Fall '08 term at Auburn University.

Page1 / 2

hwk22005 - Name_ 2. BALANCE SHEET Billy Jones has applied...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online