Homework Answers
(a)
Value of farm production
Sale of new crop= 90000
Sale of old crop= . 35000
Change in inventory=. -15000
Total. =$110000
(b)
Total farm operating expenses
Cash paid for operating expenses=75000
-Change in prepaid expenses. =(2000)
Total. =73000
(c )
Interest expenses
Cash paid for interest expenses=10000
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· Use the following information to calculate value of farm production, total farm operating expenses, interest...
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Use
the following information to calculate value of farm production,
total farm operating expenses, interest expense, net farm income
from operations and owner’s equity. Use the value of farm
production format.
Crop sales of new crop Crop sales of old crop Change in crop inventory from 1/10 to 12/10 Change in accounts payable from 1/10 to 12/10 Change in accounts receivable from 1/10 to 12/10 Government payments received in 2010 Cash received for sale of tractor Market livestock purchases Feed...
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total farm operating expenses, interest expense, net farm income
from operations and owner’s equity. Use the value of farm
production format.
Crop sales of new crop Crop sales of old crop Change in crop inventory from 1/10 to 12/10 Change in accounts payable from 1/10 to 12/10 Change in accounts receivable from 1/10 to 12/10 Government payments received in 2010 Cash received for sale of tractor Market livestock purchases Feed...
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