Record Keeping B Agribusiness Farmers and Land Record Keeping ...

Reserve (FOR) loan program with a due date of less than 12 months. Enter thenumber of units and price per unit in the appropriate columns. Use local marketprices or forward contract prices after adjusting for marketing expenses.7. Livestock to be sold—enter the value of livestock that will be sold within 12 months.Do not enter the value of livestock that will be entering the breeding herd. Enter thenumber, weight, and price after adjusting for marketing expenses.8. Growing crops—Enter the types of growing crops on the balance sheet, the number ofacres growing with each crop, price or cost per acre, and the total investment for eachcrop.9. Supplies and prepaid expenses—enter the total value of prepaid expenses and otherassets in your inventory. Include taxes and insurance.10. Leases—enter the net amount that has been paid on any operating lease.11. Total current farm assets—Enter the total value of all the current farm assetsdescribed above (3 through 10)12. Intermediate farm assets—these are those farm assets that have a life of 1 to 10 years.Examples include breeding livestock, machinery, and equipment used for production.Real estate in not included as intermediate assists.13. Accounts and notes to be received—enter all accounts that will not be received in thecurrent year, but will be received within 10 years. Subtract the portion to be receivedin the current year, which is already entered in the current accounts and noted to bereceived (number 5).14. Breeding Livestock—Enter all types of breeding livestock owned (include bothbought and breed livestock). Enter the number and price per unit of each type ofbreeding livestock in the spaces provided. Also, enter the total market value of eachtype of breeding livestock.15. Machinery, equipment, vehicles, and life insurance—enter the current market valueof all farm machinery, equipment, and vehicles. Include the face value (deathbenefit) of life insurance policies.16. Total intermediate farm assets—enter the total value of lines 13 through 15.17. Long term farm assets—these include those assets which are a permanent part of theoperation. Examples include farm real estate and equity in partnerships andcorporations. This will also include stocks with maturity of more than 10 years. Usethe spaces provided to list these assets and their monetary values.18. Total long term assets—enter the totals of your entries in number 17 above.19. Total farm assets—enter the totals of numbers 11, 16, and 18.20. Current farm liabilities—these are debts that must be paid within 12 months andinclude the current payments due on intermediate and long term debts. The amountof accrued interest and taxes should be calculated as of the balance sheet date.21. Farm accounts and notes payable—enter the name of the creditor, such as lender,dealer, bank or individual to whom the farm accounts and notes payable are owed.- 81 -