Balance Sheet: Assets, Liabilities, Owner Equity

What is the balance statement?

reports financial position of farm on a specific date

Reports value of all the ____ being used

assets

reports all of the outstanding ______

liabilities 

Liabilities are

debts not yet paid off

What is the accounting equation?

Assets=Liabilities+Equity

1000

Cash

1500

Breeding Livestock

1600

Machinery and Equipment

1650

Office Furniture and Equipment

1700

Perennial Crops and Natural Resources

1800

Buildings and Improvements

1810

Land

1900

Investments in Cooperatives and other investments

1910

Leased Assets

1980

Accumulated Depreciation

How do asset accounts increase?

Through Debiting

What asset account increases through a credit transaction?

Accumulated Depreciation

What is the only current asset in cash accounting?

Cash

What are non-current assets?

assets that provide benefits to the business for more than one year

2100

Taxes Payable

2300

Notes Payable Due Within One Year

2310

Notes Payable-Non Current

2410

Real Estate Notes Payable-Non Current

2610

Obligations on Leased Assets Non-Current

What statement are liabilities on?

Balance Sheet

What are current liabilities?

Debts due within one year

What are non-current liabilities?

Debts that are due longer than a year from now

How do liability accounts increase?

Through a credit transaction

What is owner equity?

the owners stake in the business

Where does owner equity for the balance sheet come from?

Ending owner equity calculated on Statement of Owner Equity