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WorksheetsAnimal Science-2.03 Assets and Liabilities
Total questions: 8
Worksheet time: 15mins
If a beef cattle producer has a $250,000 mortgage on his farm, and he owes Farm Credit Service $30,000 for this year’s payment, what amount should be entered on the noncurrent liability line of the financial statement?
$30,000
$220,000
$250,000
$280,000
If a poultry farm has total assets of $500,000 and total liabilities of $300,000, what number would be the correct entry on the net worth line of a financial statement?
$200,000
$300,000
$500,000
$800,000
If a swine producer has a $500,000 mortgage on his land and buildings, and he owes Farm Credit Service $60,000 for this year’s mortgage payment, what amount should be entered on the current liability line of the financial statement?
$500,000.00
$440,000.00
$560,000.00
$60,000.00
If a business has $10,000 cash on hand, $25,000 in a checking account, and land valued at $300,000, on which line of a financial statement should the $335,000 total be entered?
Current assets
Total assets
Net worth
Total liabilities
Mortgages that are not due this year are entered on a financial statement as:
current assets
non-current assets.
non-current liabilities
current liabilities
On a financial statement, items that can be quickly converted to cash or that will be sold within 12 months are:
current assets.
current liabilities.
equity.
net worth.
If a beef farmer’s inventory shows 100 cattle worth $400 each, medicine and supplies worth $1,000, and land valued at $200,000, what amount should be entered on the nondepreciable inventory line of the financial statement?
$241,000.00
$200,000.00
$41,000.00
$400.00
On a net worth statement, net worth is the same as:
current assets
equity
inventory
total liability
