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I Have to fill out a net worth statement and am lost please help

It is January 2 and the owner of Farms on the Brazos is putting together an annual net worth statement for the farming busine13. They owe Crop Managers, Inc. $1,500 for taking soil samples in November. 14. They owe $60,000 to Agce Credit for their coNET WORTH STATEMENT Name: Farms on the Brazos Date: January 2, 20 FARM ASSETS Cost Value Market Value FARM LIABILITIES MarketThe answer is either right or it is wrong. There is no partial credit. 1. Total Farm Assets (cost value) 2. Total Farm Assets

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Answer:

Net Worth Statement

Farm Asset Cost Value (in $) Market Value(in $) Liabilities Market Value(in $)
Cash                        4,250 Short Term Loan                          60,000
Fertilizer                     17,000 Outstanding Exp.                          20,000
Seeds                     24,000 Accured Interest                             4,800
Crop Head for Sale                     24,500 23000 Long Term Loan                       1,00,000
Corn Crop 99000 Outstanding Exp.                             8,000
Soyabean Crop                     35,000 31500 Interest Accured                                480
Prepaid Fertilizer Expenses                     20,000 Current operating Land Loan                          87,300
Total Assets Accumilated Interest                             2,370
Breeding Live Stock
Pig                     60,000
Sows                     15,000
Boars                        4,000
Farmland                  3,15,000 480000
Machinery Equipment                  2,17,000 240000
rented Crop Land                  6,25,000
Building                     50,000 30000
Motorboat                     14,500

1. Total Farm Assets (cost value): $ 13,66,750

Value in $
Cash                             4,250
Fertilizer                          17,000
Seeds                          24,000
Crops Hold For Sale                          24,500
Soil Samples                             1,500
Soyabean Seeds                          35,000
Fertilizer                          20,000
Live Stock SOW                          15,000
Boars                             4,000
Farmland                       3,15,000
Machinary equipment                       2,17,000
Rented Crop Land                       6,25,000
Building                          50,000
Motor Boat                          14,500
Total                    13,66,750

2. Total Farm Assets(market Value) : $ 8,40,000

Value in $
Building                          30,000
Machinary Equipment                       2,40,000
Farmland                       4,80,000
Pig Live Stock                          60,000
Building                          30,000
Total                       8,40,000

3. Total Farm Liabilities (Market Value): $ 2,82,950

Value in $
Loan                          60,000
Outstanding expenes                          20,000
Accured Interest                             4,800
Long term Loan                       1,00,000
Outstanding expenes                             8,000
Accrued Interest                                480
Operating Land Loan                          87,300
Accured Interest                             2,370
Total                       2,82,950

4. Current Ratio (Market Value): 1.16 times

Current Ratio = Current Assets / Current Liabilities

Current Assets = 23,000 + 99,000 + 31,500 + 60,000 = $ 2,13,500

Current Liabilities= 60,000 + 20,000 + 4,800 + 8,000 + 480 = $ 1,82,950

Current Ratio: = 2,13,500 / 1,82,950 = 1.16 Times   

5. Debt to Asset Ratio(Market Value): 0.29 Times

Debt = $ 2,82,950 (i.e. 1,82,950+1,00,000)

Assets= $ 9,63,500 (i.e.23,000+99000+31,500+60,000+4,80,000+2,40,000+30,000)

Debt to Asset Ratio will be: 2,82,950 / 9,63,500 = 0.29

Adjustments during month are in attached file:

Loco x 2.99960 & con in Sarage 14 on bushels Malm$ 3:25 w Sales 1oooo bushes. cost Price 2.45 Marhut fece 2usoo st: 23000 ke

+ Accumebtedlnterest $23 163 Additional cost of Ferkligar prepaid $ 80,000 no sold iso Jeeden pigs for $8,000 * Depeciation o

Out out enterest expenses $20000 (1) They owe $60000 to Ageo Credit 8 18 at owe 100000 10 67. Interest outstanding Exp. & soo

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