Agriculture Reference
In-Depth Information
chemicals, feed, seed, and farm supplies. BF&G also merchandises grain—primarily corn
and soybeans. The fi rm provides a variety of services to its customers such as feed delivery,
fertilizer application, drying grain, and grain storage. BF&G purchases fertilizer from
national manufacturers and blends products to fi t individual customer's needs. BF&G is
located on a rail line and ships unit trains of corn to the Gulf and Southeast. The fi rm has a
during a recent year.
Table 9.1
Balance sheet for Brookstone Feed and Grain company, December 31, 2009
(a)
Assets
(b)
Current Assets:
(c)
Cash
175,000
(d)
Accounts Receivable
1,600,000
(e)
Inventory
2,500,000
(f)
Prepaid Expenses
7,000
(g)
Other
5,000
(h)
Total Current Assets
$4,287,000
(i)
Fixed Assets:
(j)
Land
1,150,000
(k)
Building
600,000
(l)
Less: Accumulated Depreciation
150,000
450,000
(m)
(n)
Equipment
1,300,000
(o)
Less: Accumulated Depreciation
520,000
780,000
(p)
(q)
Total Fixed Assets
$2,380,000
(r)
Other Assets
10,000
(s)
Total Assets
$6,677,000
(aa)
Liabilities
(bb)
Current Liabilities:
(cc)
Accounts Payable
800,000
(dd)
Notes Payable
1,000,000
(ee)
Accrued Expenses
35,000
(ff)
Advances
27,000
(gg)
Total Current Liabilities
$1,862,000
(hh)
Long-Term Liabilities:
(ii)
Mortgages
1,000,000
(jj)
Other
150,000
(kk)
Total Long-Term Liabilities
$1,150,000
(ll)
Total Liabilities
$3,012,000
(mm)
Owner's Equity
(nn)
Owner-invested Capital:
(oo)
Common Stock
1,885,000
(pp)
Retained Earnings
1,780,000
Total Owner Equity
$3,665,000
(qq)
(rr)
Total Liabilities and Owner Equity
$6,677,000
