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2. Develop a balance sheet for Davenport Dave, a farmer-rancher, who producers hay, wheat, and cattle. a. Classify the following items as assets or liabilities and current or non-current. Note: Two of the items are both current and non-current. Current/ Asset/Liability Non-Current (A or L) (C or NC) 500 acre of wheat planted in October valued at $120/acre $12,500 owed to local co-op 200 head of purchased steers on feed at feedlot e $1.200 per head 150 head of cows @ $1,100 per head 5 bulls valued at $20,500 100 tons of stored hay @ $120/ton Machinery inventory valued at $410,000

2. Develop a balance sheet for Davenport Dave, a farmer-rancher, who producers hay, wheat, and cattle. a. Classify the following items as assets or liabilities and current or non-current. Note: Two of the items are both current and non-current. Current/ Asset/Liability Non-Current (A or L) (C or NC) 500 acre of wheat planted in October valued at $120/acre $12,500 owed to local co-op 200 head of purchased steers on feed at feedlot e $1.200 per head 150 head of cows @ $1,100 per head 5 bulls valued at $20,500 100 tons of stored hay @ $120/ton Machinery inventory valued at $410,000

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2. Develop a balance sheet for Davenport Dave, a farmer-rancher, who producers hay, wheat, and cattle. a. Classify the following items as assets or liabilities and current or non-current. Note: Two of the items are both current and non-current. Current/ Asset/Liability Non-Current (A or L) (C or NC) 500 acre of wheat planted in October valued at $120/acre $12,500 owed to local co-op 200 head of purchased steers on feed at feedlot e $1,200 per head 150 head of cows @ $1,100 per head 5 bulls valued at $20,500 100 tons of stored hay @ $120/ton Machinery inventory valued at $410,000 Machinery debt of $280,000 ($62,000 is to be paid in coming year) Land valued at $895,000 Land debt of $450,000 ($42,000 which is to be paid in coming year) Buildings and improvements valued at $215,000 $4,000 owed to you by Neighbor Ned for hay he purchased Accrued interest of $38,000 $20,000 in savings account $40,000 owed to feediot for feed and care of steers Supplies on hand valued at $28,000 Taxes payable of $25,000 $2,000 in checking account $25,000 in stocks and securities Principal owed on operating loan of $97,000
Transcribed Image Text:2. Develop a balance sheet for Davenport Dave, a farmer-rancher, who producers hay, wheat, and cattle. a. Classify the following items as assets or liabilities and current or non-current. Note: Two of the items are both current and non-current. Current/ Asset/Liability Non-Current (A or L) (C or NC) 500 acre of wheat planted in October valued at $120/acre $12,500 owed to local co-op 200 head of purchased steers on feed at feedlot e $1,200 per head 150 head of cows @ $1,100 per head 5 bulls valued at $20,500 100 tons of stored hay @ $120/ton Machinery inventory valued at $410,000 Machinery debt of $280,000 ($62,000 is to be paid in coming year) Land valued at $895,000 Land debt of $450,000 ($42,000 which is to be paid in coming year) Buildings and improvements valued at $215,000 $4,000 owed to you by Neighbor Ned for hay he purchased Accrued interest of $38,000 $20,000 in savings account $40,000 owed to feediot for feed and care of steers Supplies on hand valued at $28,000 Taxes payable of $25,000 $2,000 in checking account $25,000 in stocks and securities Principal owed on operating loan of $97,000
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