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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ESTION 6 Use the attached financial statements to answer the following question Calculate the 2010 rate of return on farm equity (ROFE) for TDM Farms. W 1-TOM Farms Financial Statements pdf O a 8.21% Ob 8.03 % Oc 7.73% O d. 10.8%
Transcribed Image Text:ESTION 6 Use the attached financial statements to answer the following question Calculate the 2010 rate of return on farm equity (ROFE) for TDM Farms. W 1-TOM Farms Financial Statements pdf O a 8.21% Ob 8.03 % Oc 7.73% O d. 10.8%
SSETS Current Assets Cash and equivalents Grain and livestock inventory Other current farm assets Total current assets Noncurrent Assets Machinery and equipment Buildings Land Other noncurrent farm assets Total noncurrent assets Total Farm Assets LIABILITIES Current Liabilities Notes payable Accounts payable Current portion of term debt Other current farm liabilities Total current liabilities Noncurrent Liabilities Deferred portion of term debt Total noncurrent liabilities Total Farm Liabilities NET WORTH Total Net Worth Total Liabilities and Net Worth Interest expense Value of farm production Non-depreciation operating expenses Depreciation Net farm income from operations Family living withdrawals Nonfarm income Income tax expense Other income from farm assets. 2009 $1,000 60,000 Prin payments on current portions tenn debt/cap leases Interest payments on term debt and capital leases 1,000 62,000 100,000 20,000 300,000 15,000 435.000 $497.000 $15,500 2,325 12,000 15,000 44.825 TDM Farms Income Statement 150,000 150,000 $194.825 302,175 $497.000 $139.160 76,538 15.000 14.571 $33.051 TDM Farms Other information $25,000 0 9,091 0 12,000 13,500 2010 $1,200 40,000 1,000 42,200 110,000 18,000 290,000 15,000 433.000 $475,200 $10,550 1,582 14,000 20,000 46.132 136,000 136,000 $182.132 10 293.068 $475 200 $160,034 79.321 16,000 14,570 $50.143 $25,700 0 6,700 14,000 12.240 54°F Cloudy
Transcribed Image Text:SSETS Current Assets Cash and equivalents Grain and livestock inventory Other current farm assets Total current assets Noncurrent Assets Machinery and equipment Buildings Land Other noncurrent farm assets Total noncurrent assets Total Farm Assets LIABILITIES Current Liabilities Notes payable Accounts payable Current portion of term debt Other current farm liabilities Total current liabilities Noncurrent Liabilities Deferred portion of term debt Total noncurrent liabilities Total Farm Liabilities NET WORTH Total Net Worth Total Liabilities and Net Worth Interest expense Value of farm production Non-depreciation operating expenses Depreciation Net farm income from operations Family living withdrawals Nonfarm income Income tax expense Other income from farm assets. 2009 $1,000 60,000 Prin payments on current portions tenn debt/cap leases Interest payments on term debt and capital leases 1,000 62,000 100,000 20,000 300,000 15,000 435.000 $497.000 $15,500 2,325 12,000 15,000 44.825 TDM Farms Income Statement 150,000 150,000 $194.825 302,175 $497.000 $139.160 76,538 15.000 14.571 $33.051 TDM Farms Other information $25,000 0 9,091 0 12,000 13,500 2010 $1,200 40,000 1,000 42,200 110,000 18,000 290,000 15,000 433.000 $475,200 $10,550 1,582 14,000 20,000 46.132 136,000 136,000 $182.132 10 293.068 $475 200 $160,034 79.321 16,000 14,570 $50.143 $25,700 0 6,700 14,000 12.240 54°F Cloudy
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