Question

O Search Home Exercise-Practice 1.docx - Read-Only - Saved Help Layout Review View Table Design =yout References Mailings A A Aa A A-D-A AL B AaBbCD AaBbCD AaBb Cc AaB 1 Normal 1 No Spac... Heading 1 Hea Styles Amount $ Paragraph Items Vehicles Cash in the bank Land Current portion of term debt Accounts payable Depreciation on machinery Breeding stock Hay on hand Income tax payable Other accrued expenses Calves to be sold in 15 days Grain on hand Accounts receivable Real estate debt Prepaid expenses Notes payable on machinery (due in 6 years) Vehicles Buildings 7,000 60,000 - 400,000 57,000 123,000 3,700 131,000 19,000 16,800 19,700 48,000 40,000 40,000 30,000 10,000 71,000 4,900 56,000 1. From Table 1, prepare a balance sheet for JK) farm by arranging the items under the following sub-headings: Current Asset; non-current assets, current liabilities, non- current liabilities.

Answer 1

BALANCE SHEET OF J-K-J FARM.

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ASSETS	DOLLARS
Non-current assets
Building	56,000
Vehicles	11,900
Land	400,000
Breeding stock	131,000
Current assets
Cash in the bank	60,000
Account receivable	40,000
Stocks
Hay on hand	19,000
Grain on Hand	40,000
calves	48,000
prepaid expenses	10,000
Total assets	8,15,900
Non-current liabilities
Notes payable on machinery(due in 6 years)	71,000
Real estate debt	30,000
Current liabilities
Current portion of term debt	57,000
Accounts payable	123,000
Income tax payable	16,800
Other accrued expenses	19,700
Proprietor fund	4,98,400
Total	8,15,900

We don't have details of capital.so,lets assume it is the balance