Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 4. below are two financial statements from fantast

4. Below are two financial statements from Fantastic Fruit Farm. calculate the values below. (Chapter...

90.2K

Verified Solution

Question

Accounting

image

4. Below are two financial statements from Fantastic Fruit Farm. calculate the values below. (Chapter 5) (20%) Using this information, Net Worth Statements Assets (market values Cash on hand Fruit in storage Machinery Beginniin S20,000 60,000 50,000 25,000 $155,000 Endin S36,000 52,000 63,000 30,000 S181,000 Total Assets Liabilities rating loan balanc e owed $50,000 S40,000 e Statement of Cash Flows Cash In $140,000 40,000 Fruit sales Operating loans received Capital assets sold Nonfarm income Wages, interest, supplies Operating loans repaid Capital assets purchased Nonfarm expenses Cash Out $70,000 50,000 20,000 24,000 S164,000 $180,000 Show the correct value for each of the following: Show your work where necessary. Beginning farm net worth (market value) Ending current assets Net cash flow Cash farm income (gross) Cash farm expenses Accrual adjustment for inventory change (+or-) Machinery depreciation Net farm income (accrual) Change in net worth due to retained net farm income, if no land was purchased or sold. $7,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students