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

Enter the payment due date for each account or notes payable. Enter the interest ratefor each account or note payable. Enter an ‘A’ or ‘M’ after the installment. Enter thetotal amount owed (principal and interest) on each account and note payable. Includepast due and current amounts payable.22. Current portion of CC loan—Enter the payment due date and the total amount owedon the loan(s). Include both principal and interest.23. Total current farm liabilities—enter the total of numbers 21 and 22.24. Intermediate liabilities—enter the current portion of principal due on long termliabilities. This is the portion that will come due within 12 months from the balancesheet date.25. Long term liabilities—enter the current portion of principal due on long termliabilities. This is the portion that will come due within 12 months from the balancesheet date.26. Accrued interest on intermediate liabilities—enter the total amount of interest thathas accrued on the intermediate liabilities as of the balance sheet date.27. Accrued interest on long term liabilities—enter the total amount of interest that hasaccrued on the long term liabilities as of the balance sheet date.28. Accrued taxes on real estate and personal property—Enter the total amount of realestate and personal property taxes that have accrues as of the balance sheet date. Alsoenter any other levied taxes or assessments that have accrued.29. Accrued taxes on income taxes and social security—enter the amount of State andFederal income taxes and Social Security taxes owed. Also, enter the amount of Stateand Federal income taxes and Social Security taxes owed for employees on thebalance sheet date.30. Accrued rent/lease payments—enter any accrued liability from renting or leasingland, machinery or other resources.31. Total current farm liabilities—enter the total of numbers 21 through 30.32. Intermediate farm liabilities—these are liabilities or debts that have a final due datebetween 1 to 10 years from the balance sheet date. The amount or portion of theprincipal that is due within 12 months from the balance sheet date should have beenentered in the current liability section and accrued interest. Name of the creditor,payment due date, interest rate, and amount owed are to be entered in the spacesprovided.33. Total intermediate farm liabilities—enter the total amount in number 31.34. Long term farm liabilities—these are long term debts, such as real estate debts, thathave original maturity date of more than 10 years. Again, the current principalportion should have been entered in the current liability section and accrued interest.In the spaces provide, enter creditor, payment due date, interest rate, amount owed,and the remaining principal amount for each real estate loan (that is the portion duebeyond 10 years).- 82 -