FRA Summer 1 2019 Assignment #1 Chapters 1-2 Due Tuesday, May 28, 2019 3 7. DIRECTIONS: Using the information below, complete the balance sheet on…

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DIRECTIONS: Using the information below, complete the balance sheet on the next page.

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Rhonda Rancher has applied for a loan. Her banker, Larry Loanmaker, says the old balance sheet on file must be brought up to date before a loan will be considered. Rhonda spends the rest of the afternoon taking inventory and gathering other information as

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FRA Summer 1 2019 Assignment #1 Chapters 1-2Due Tuesday, May 28, 2019 37.DIRECTIONS: Using the information below, complete the balance sheet on the next page.Rhonda Rancher has applied for a loan. Her banker, Larry Loanmaker, says the old balance sheet on filemust be brought up to date before a loan will be considered. Rhonda spends the rest of the afternoontaking inventory and gathering other information as of May 2019.Milo on hand4200 cwt. @ $4.40 per cwt.Hay on hand75 tons @ $50.00 per tonGrowing wheat280 acres @ $22.50 per acreFarm mortgage (due 5/01/19)$14,000 principal$20,000 accrued interestbalance after 5/01/19 payment$208,000Buildings & improvements$48,000Note payable on feeder cattle (all due 05/01/2019)$34,000Calves (to be sold in May 2019)98 head @ $275 per headFeeder cattle (to be sold in 60 days)138 head @ $575 per headNote payable at bank (all due 5/15/2019)$52,000Vehicle$15,500Other machinery & equipment$80,500Loan on beef cows (due 5/31/19)$9,000 principal,$3,900 accrued interestbalance after 5/31/19 payment $38,000Land (present market value)1020 acres @ $560 per acreBeef breeding cows106 head @ 0 per headBulls4 head @ $1,000 eachChecking account balance$5,400Account payable at Joe’s Feed & Seed$4,200Account receivable$1,600Shop Equip. (welder, lathe, drill press, etc.)$2,000Ford Motor Co. stock200 shares @ $65 per shareOther Information: Must classify this information under one of the account headings also.1)Has paid in advance for $6,000 worth of feed in order to get a good price on it. The feed will bedelivered in May 15, 2019.2)Income and social security taxes on 2018 income is estimated at $7,200.3 )Rhonda contributed $50,000 to get her business started.4)Retained earnings since the beginning of the business equals $305,000.FRA Summer 1 2019 Assignment #1 Chapters 1-2Due Tuesday, May 28, 2019 4Assignment 1: Part 2, Balance SheetBalance Sheet for Rhonda Rancher as of May 2019AssetsLiabilitiesCurrent Assets:Current Liabilities:Total Current Assets0Total Current Liabilities0Noncurrent Assets:Noncurrent Liabiltiies:Intermediate AssetsIntermediate Liabilities

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