Classify and prepare a Balance Sheet with the following accounts (you do not need to use chart of accounts or other encodings, use the format we saw in class). These accounts belong to an 8-string farm that is dedicated to the production and sale of milk and dairy products. 1. Monthly land rent payment $14,000 2. Salaries $25,200 3. Milking equipment $3,800 (useful life 10 years) 4. Dairy Work Inventory $35,000 5. Cash $8,200 6. Cargo truck $32,000 (useful life 8 years) 7. Milk inventory ready for sale $48,000 8. Animals for slaughter $1,500 9. Monthly loan payment $3,600 10. 60 month loan $32,000 11. Production cows $5,400 (useful life 8 years) 12. Office equipment $2,500 (useful life 10 years) Also has: Gross Income: $82,000 Operating Income: $69,500 Net Income: $52,125
Classify and prepare a
These accounts belong to an 8-string farm that is dedicated to the production and sale of milk and dairy products.
1. Monthly land rent payment $14,000
2. Salaries $25,200
3. Milking equipment $3,800 (useful life 10 years)
4. Dairy Work Inventory $35,000 5. Cash $8,200
6. Cargo truck $32,000 (useful life 8 years)
7. Milk inventory ready for sale $48,000 8. Animals for slaughter $1,500
9. Monthly loan payment $3,600
10. 60 month loan $32,000
11. Production cows $5,400 (useful life 8 years) 12. Office equipment $2,500 (useful life 10 years)
Also has:
Gross Income: $82,000 Operating Income: $69,500 Net Income: $52,125
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