For each of the following items, tell me where they would go ona balance sheet or that they would not go on a balance sheet. Iwant the name of the line on the balance sheet and the section(i.e. accounts payable in current liabilities).
- You buy fertilizer in December to use the next spring. Thefertilizer will not be delivered until it is used.
- The costs associated with planting winter wheat.
- You sold hay to a neighbor, but he isn’t going to pay you untilFebruary.
- Feeder calves you purchased and plan to feed out thensell.
- Replacement heifers.
- Money owed to Cal Ranch at the end of the year.
- Mortgage
- Principal due within the next year
- Principal due beyond the next year
- Accrued interest at the end of the year
- Estimated income tax payable during spring 2015 on incomegenerated during 2014 on the December 31, 2014 balance sheet.
- Family car
- Farm truck
