Please help Amy Fowler construct her balance sheet below, then answer the corresponding questions.  Account Receivable $17,000   Retained Earnings $120,000 Accounts Payable $15,500   Notes Payable (12 mos.) $2,000 Equipment $28,500   Prepaid Expenses $4,000 Mortgage $49,500   Land $5,000 Contributed Capital $56,000   Bank Loan on Equipment $90,000   Amy Folwer Farms Balance Sheet as of October 11, 2018 Current Assets         Total Current          Assets Noncurrent Assets        Total Noncurrent     Assets TOTAL ASSETS   Current Liabilities        Total Current         Liabilities Noncurrent Liabilities         Total Noncurrent     Liabilities  TOTAL NONCURRENT LIABILITIES    Owner’s Equity          Total Owner’s        Equity  TOTAL LIABILITIES AND OWNER’S EQUITY

The debt/asset ratio and the debt/equity ratio both measure the overall solvency of the farm business

Which of the following assets would have the same value using either a cost or market basis valuation?

What is the value of Net Income?

There are no opportunity costs on an enterprise budget.

Use the following information to compute the straight-line deprecation value of the following asset. The asset was purchased in APRIL.  Machine Cost Salvage Value Useful Life Tractor A (Purchased in APRIL) $75,000 $7,500 6 Years   Tractor A Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Current liabilities are debts which must be paid in full within one year from the date of the balance sheet.

Please classify each of the following, each category could be used more than once. 

Which is the correct heading format for a Balance Sheet?

When conducting a farm business analysis you notice your profitability is unsatisfactory, which 2 factors should you check?