Klewlass Economics Assingment Help With Solution
1. (6 points) Use the information provided in the financial statements (beginning and ending balance sheets; actual cash flows) to construct the 2014 Income Statement, Statement of Owner Equity, and Statement of Cash Flows for I.B. Klewlass. NOTE: A properly formatted hard copy of the completed Income Statement, Statement of Cash Flows and Statement of Owner Equity must be submitted to receive any credit for this problem.
2. (5 points) Use the following information to construct a quarterly cash flow budget I.B. Klewlass. Qx indicates the quarter in which the cash revenue or expense will occur. The cash flow budget must include the end of quarter balances for cash, outstanding noncurrent debt, outstanding operating loan, and accrued interest. Round all numbers to the nearest dollar. NOTE: A properly formatted hard copy of the completed cash flow budget must be submitted to receive any credit for this problem.
a) Beginning year balances include: $10,000 cash and $125,000 noncurrent debt (long-term loan)principal balance
b) Sales for the year include: crop sales of $3,450 (Q1), $2,575 (Q2), $15,750 (Q3), and $5,850 (Q4); hay sales of $1,530 (Q1), $3,250 (Q2) and $8,750 (Q3); livestock sales of $1,300 (Q1), $1,200 (Q2), $70,950 (Q3) and $1,300 (Q4)
c) Crop inventory values are: $18,275 (Q1), $15,350 (Q2), $8,900 (Q3) and $3,375 (Q4); market livestock inventory values are: $21,800 (Q1), $17,900 (Q2), $15,800 (Q3) and $27,775 (Q4).
d) Sold an old farm pickup for $3,150 (Q1); purchase new farm pickup for $25,000 (Q3).
e) Production expenses for the year include: crop expenses of $2,650 (Q1), $5,750 (Q2), $8,200 (Q3), and $2,100 (Q4); hay expenses of $1,300 (Q1), $5,100 (Q2), $3,050 (Q3), and $1,475 (Q4); livestock expenses of $3,150 (Q1), $8,750 (Q2), $10,250 (Q3), and $3,500 (Q4).
f) Purchased livestock for $9,450 (Q1) and $5,700 (Q4)
g) Scheduled term-debt loan payment of $10,000 (principal – $8,500; interest – $1,500) in (Q2) and (Q4).
h) Other information: Off-farm employment provides $2,500 income each quarter, depreciation expense is $3,500 each quarter and family living expenses are $6,000 each quarter Minimum ending cash balance desired for each quarter is $10,000. Operating loan funds can be borrowed as needed at 6% interest. Assume all loans are taken out and repaid at the end of the quarter. Excess cash at the end of any quarter can (should) be used to make payments on the
current operating deb
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3. (3 points) Use the following information to calculate value of farm production, total farm operating expenses, interest expense, and net farm income from operations, and owner equity (market) on 12-31-14. Use the value of farm production format.
Crop sales 370,675 Livestock sales 280,750
Government payments 14,200 Feed purchases 210,500
Cash paid for operating
Change in accounts payable
Change in crop inventory (1/01-
Change in accounts receivable
Market Livestock purchases 5,420 Capital gain on sale of tractor 10,750
Cash paid for interest expense 37,520 Net farm income 113,225
Change in prepaid expenses
Change in cash investment in
growing crops 1,850
Cash received for sale of farm
Change in market livestock
inventory (1/01-12/31) (2,250)
Wages from off-farm job 24,000 Change in accrued interest (685)
Family living withdrawals 32,000 Depreciation 74,405
Income tax expense 15,600 Tractor purchase 145,000
Owner equity (market) on
January 1 680,650 Change in valuation equity 110,500
a) Value of farm production
b) Total farm operating expenses
c) Interest expense
d) Net farm income from operations
e) Owner equity (market) on 12-31-14
4. (2 points) Use the following information from the 2014 beginning and ending balance sheets
for Iza Pharmer. During 2014, Iza Pharmer contributed $36,000 in nonfarm income to the
business and withdrew $30,000 for family living expenses. Use this information to calculate
the requested information and record your answers in the space provided:
Cost Basis Market Basis
Beginning Owner’s Equity $ 549,250 $ 680,650
Ending Owner’s Equity $ 589,450 $ 720,180
a. What was the change in owner’s equity for the year on a cost basis?
b. What was the change in owner’s equity for the year on a market basis?
c. What was the net farm income for the year?
d. What was the change in valuation equity for the year?
5. (2 points) Use the following information to calculate the requested ending year balance
sheet (12/31/2014) entries and record your answers in the space provided:
Real estate –
Real estate –
(12/31/2014) 76,990 96,310 115,050 64,000
payments (2015) 8,650 11,107 3,885 2,000
Total Annual Payment 19,540 22,100 20,780 6,750
Interest rate 6.00% 5.25% 5.50% 5.00%
Payment date (last day of
the month) March February April May
a) Current portion – all term debt
b) Accrued interest – noncurrent liabilities
c) Principal portion due beyond 12 months: Machinery debt
d) Principal portion due beyond 12 months: Real estate debt
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