Question & Answer: The following information was taken from the records of a farm (a simplified case with no nonfarm income). Assume there is no non-farm income. anu…..

The following information was taken from the records of a farm (a simplified case with no nonfarm income). Assume there is no non-farm income. anuaryl 201 December 31, 2015 Total farm Assets (Cost based Total farm assets (market value Current assets 750,000 900,000 1,100,000 5,000 15,000 56,000 400,000 65,000 10,000 275,000 9,000 20,000 23,000 400,000 50,000 14,000 290,000 Cash Crops on hand Supplies Total Liabilities (book value Accounts pavable Accrued Interest Mortgag Income and expenses for 2011 Cash receipts Cash expenses 430,000 275,000 (includes $20,000 interest) 60,000 25,000 S62,400 ation Owner withdrawals Net Income a. (1 points) Find the January 1, 2015 Owner Equity (cost based). b. ( points) Construct a Cost based statement of owners equity for 2015 to find the December 31,2015 Owners equity. (There will be no market valuation section). (Hint: you will need to use the answer to part (Hint: you will need to use (1 points) Find the December 31, 2015 Total Farm Assets (Cost based). the answer to part b.) c.

The following information was taken from the records of a farm (a simplified case with no nonfarm income). Assume there is no non-farm income. anuaryl 201 December 31, 2015 Total farm Assets (Cost based Total farm assets (market value Current assets 750,000 900,000 1,100,000 5,000 15,000 56,000 400,000 65,000 10,000 275,000 9,000 20,000 23,000 400,000 50,000 14,000 290,000 Cash Crops on hand Supplies Total Liabilities (book value Accounts pavable Accrued Interest Mortgag Income and expenses for 2011 Cash receipts Cash expenses 430,000 275,000 (includes $20,000 interest) 60,000 25,000 S62,400 ation Owner withdrawals Net Income a. (1 points) Find the January 1, 2015 Owner Equity (cost based). b. ( points) Construct a Cost based statement of owners equity for 2015 to find the December 31,2015 Owner’s equity. (There will be no market valuation section). (Hint: you will need to use the answer to part (Hint: you will need to use (1 points) Find the December 31, 2015 Total Farm Assets (Cost based). the answer to part b.) c.

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a.

Total farm assets (Cost based), January 1, 2015 $750000
Less: Total liabilities, January 1, 2015 -400000
Owner Equity (Cost based), January 1, 2015 $350000

b.

Owner Equity (Cost based), January 1, 2015 $350000
Add: Net income 62400
Less: Owner withdrawals -25000
Owner Equity (Cost based), December 31, 2015 $387400

c.

Owner Equity (Cost based), December 31, 2015 $387400
Add: Total liabilities, December 31, 2015 400000
Total farm assets (Cost based), December 31, 2015 $787400

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