Balance Sheet

This spreadsheet is designed to prepare a two column balance sheet. The user can enter
values on the BalanceSheet tab directly and/or on the Schedules tab. Data values that
are allowed/required for completion of the balance sheet are indicated in BLUE TEXT.
All other values on the Balance sheet are calculated. This balance sheet allows the user
to include Deferred Tax calculations, which are recommended by the Farm Financial
Standards Guidelines. Data entry values on the DeferredTax tab can be zeroed out it
deferred tax calculations are not desired/required.
For more information on
this spreadsheet, contact
Duane Griffith
210 Linfield Hall
Montana State University 59717
griffith@montana.edu
406-994-2580
 Current
Schedule A -- Cash, Checking, Savings, CD's (Farm Only) Balance
Cash and Checking 49665
Capital Fund $52,750 - 5800 for big boss and sprayer - 1645 for post pounder 45397
Cash on Hand 0
Savings Accounts and CD's 0
Money Market 0
Other 0
Total Cash, Checking, Savings, CD's Available 95062

Schedule B -- Prepaid Expenses and Supplies

Quantity Fair
Bu./Ton Cost Total Market Market
Description of Item Cwt/Gal Per Unit Cost Value/Unit Value
Misc. 1 650.00 650.00 650.00 650.00
0 0.00 0.00 1.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
0 0.00 0.00 0.00 0.00
Total Cost of Prepaid Expenses and Supplies 650
Total Fair Market Value Prepaid Expenses and Supplies 650

Schedule C -- Invested in Growing Crops

Quant.
Of Price Number Total
Crop Matral Material Per Unit Acres Invested
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
Total Invested in Growing Crops 0
Balance Sheet
Name: Example Ranch Cost Date: January 1, 2007 Cost
or Book Market or Book Market
Current Farm Assets Value Value Current Farm Liabilities Value Value
Cash, Checking, Savings, CD's (Sch. A) 95,062 95,062 Farm Accounts Payable (Sch. O) 0 0
Prepaid Expenses (Sch. B) 650 650 Accrued Interest (Schedules O,P,Q,R,S) 131 131
Growing Crops (Sch. C) 0 0 Principle Due in 12 Months (Schedules R,S) 3,939 3,939
Accounts Receivable (Sch. D) 0 0 Leins and Judgements (Sch. P) 0 0
Notes Receivable (Sch D) 0 0 Personal property taxes (Sch T) 0 0
Government Payments Receivable (Sch D) 0 0 Real estate Taxes (Sch T) 675 675
PIK Certificates (Sch E) 0 0 Accrued Lease Payments (Land Only) (Sch L) 271 271
Securities Readily Marketable, Farm (Sch. F) 0 0 Accrued Payroll Tax Due Within 12 Months (Sch T) 0 0
Other 0 0 Description 0 0
Crops Held For Sale or Feed Quan. Description 0 0
Crops For Sale & Feed (Sch. G) 37,500 37,500 Description 0 0
Description 0 0 Description 0 0
Description 0 0 Short Term Notes (NOT Ann. Oprtng or Cap. Assets)
Description 0 0 Description 0 0
Description 0 0 Description 0 0
Description 0 0 Description 0 0
Crops Under Gov. Loan Quan. Description 0 0
Crops Under Gov. Loan (Sch. H) 0 0 Description 0 0
Description 0 0 Cur. Farm Notes Payable (Ann. Oprtng, CCC, C. A.) Principle Balance
Description 0 0 Current Note Principle Due in 12 Mo. (Sch. Q) 0 0
Description 0 0 CCC Wheat Loans (Sch. H) 0 0
Description 0 0 Description 0 0
Livestock Held for Sale Quan. Description 0 0
Value of Lvstck Held for Sale (Sch I) 0 0 Description 0 0
Description 0 0 Description 0 0
Description 0 0 Description 0 0
Description 0 0 Description 0 0
Description 0 0 Deferred Tax Liability on Current Assets 0 0
Total Current Farm Assets 133,212 133,212 Total Current Farm Liabilities 5,015 5,015
Non Current Farm Assets Quan. Non Current Farm Liabilities
Breeding Stock (Sch J) 143,500 Description
Cost or Base Val. (Sch J) 152,650 0 Prin. Due Beyond 12 Months From (Sch. R) 0 0
Less Accumulated Dep. 6,946 0 145,704 Prin. Due Beyond 12 Months From (Sch. Q) 0 0
Description 0 0 0 Prin. Due Beyond 12 Months From (Sch. O) 0 0
Description 0 0 0 Description 0 0
Description 0 0 0 Description 0 0
Description 0 0 0 Description 0 0
Farm Machinery & Equipment (Sch K) 71,797 Real Estate&Other Long Term Loans (Sch. S) 0 0
Cost or Basis (Sch K) 160,951 Description 0 0
Less Accumulated Dep. 89,154 71,797 Description 0 0
Farm Real Estate (Sch. L) Acres = 3414.59 2,974,902 Description 0 0
Cost or Basis (Sch L) 665,133 Description 0 0
Less Accumulated Dep. 15,036 650,097 Total Non Current Farm Liabilities 0 0
Description 0 0 Total Current and Non-Current Liabilities 5,015 5,015
Conservation Easement Trust Fund 600,000 600,000 Deferred Tax Liability on Non Current Assets 0
Description 0 0 Total Farm Liabilities 5,015 5,015
Description 0 0 Retained Earnings/Contributed Capital 1,595,794 1,595,794
Description 0 0
Securities Not Readily Marketable (Sch. M) 0 0 Valuation Equity 2,322,601
Total NonCurrent Farm Assets 1,467,598 3,790,198 Net Worth (Business Only) 1,595,794 3,918,395
Total Farm Assets 1,600,810 3,923,410 Total Liabilities and Net Worth 1,600,810 3,923,410

Nonfarm Assets Nonfarm Liabilites

Non-Farm Assets from (Sch N) 0 0 Nonfarm Accounts Payable and Accrued Exp. 0 0
Cash Value of Life Ins. (Sch. N) 0 0 Nonfarm Notes Payable 0 0
Securities Marketable and Non (Sch. F, M) 0 0 Deferred Tax Liability on Nonfarm Assets 0
Description 0 0 Total Nonfarm Liabilities 0 0
Description 0 0 Total Liabilities (Farm & NonFarm) 5,015 5,015
Total Nonfarm Assets 0 0 NET WORTH (Equity) - Combined 1,595,794 3,918,395
Total Assets(Farm &NonFarm) 1,600,810 3,923,410 Total Liabilities and Net Worth (Combined) 1,600,810 3,923,410

Commonly Used Ratios For Financial Analysis: Current Ratio Debt to Asset Ratio Debt to Equity Ratio
Cost Basis 26.56 0.0031 0.0031
Market Value 26.56 0.0013 0.0013
Current and Non Current Deferred Tax Calculations
Example Ranch January 1, 2007
Current Portion of Deferred Taxes @ Market Value
Market Cost or Tax
Current Assets Value Basis
Prepaid Expenses (Sch. B) 650 0
Growing Crops (Sch. C) 0 0
Accounts Receivable (Sch. D) 0 0
Notes Receivable (Sch D) 0 0
Government Payments Receivable (Sch D) 0 0
PIK Certificates (Sch E) 0 0
Securities Readily Marketable, Farm (Sch. F) 0 0
Crops For Sale & Feed (Sch. G) 37,500 0
Crops Under Gov. Loan (Sch. H) 0 0
Value of Lvstck Held for Sale (Sch I) 0 0
Futures or Options Account Equity (Net Equity) 0 0
Other 0 0
Other 0 0
Total Market Value 38,150
Total Tax Basis Value 0
Excess of Market Value Over Tax Basis 38,150

Deductions (Liabilities that result in tax deductions when paid)

Farm Accounts Payable (Sch. O) 0
Accrued Interest (Schedules O,P,Q,R,S) 131
Personal property taxes (Sch T) 0
Real estate Taxes (Sch T) 675
Accrued Lease Payments (Land Only) (Sch L) 271
Other Accrued Expenses 0
Employee Payroll Withholdings (Payroll Taxes) 0
Other Accrued Expenses 0
Other Accrued Expenses 0
Other Accrued Expenses 0
Total Deductions 1,076

Deferred Income Related to Current Assets & Liabilities 37,074

Minus Net Operating Loss Carry Forward 0
Deferred Taxable Income Related to Current Assets & Liabilites 37,074

Marginal Estimated
Tax Rate Tax
Federal Marginal Income Tax Rate 0.0% 0
State Marginal Income Tax Rate 0.0% 0
Local Marginal Income Tax Rate 0.0% 0
Self Employment Tax Rate (Limited by Max)
Old-age, Survivor, & Disability Portion of SE Tax Rate 0.00%
Medicare (Hospital Insurance) Portion 0.00%
Maximum Dollar Amount for Self Employment Tax 0 0

Deferred Tax Estimate on Current Assets & Liabilities (Market) 0

Cost Tax
Current Assets Value Basis
Prepaid Expenses (Sch. B) 650 0
Growing Crops (Sch. C) 0 0
Accounts Receivable (Sch. D) 0 0
Notes Receivable (Sch D) 0 0
Government Payments Receivable (Sch D) 0 0
PIK Certificates (Sch E) 0 0
Securities Readily Marketable, Farm (Sch. F) 0 0
Crops For Sale & Feed (Sch. G) 37,500 0
Crops Under Gov. Loan (Sch. H) 0 0
Value of Lvstck Held for Sale (Sch I) 0 0
Other 0 0
Other 0 0
Other 0 0
Total Cost/Book Value 38,150
Total Tax Basis Value 0
Excess of Cost/Book Value Over Tax Basis 38,150

Deductions (Liabilities that result in tax deductions when paid)

Farm Accounts Payable (Sch. O) 0
Accrued Interest (Schedules O,P,Q,R,S) 131
Personal property taxes (Sch T) 0
Real estate Taxes (Sch T) 675
Accrued Lease Payments (Land Only) (Sch L) 271
Other Accrued Expenses 0
Other Accrued Expenses 0
Other Accrued Expenses 0
Other Accrued Expenses 0
Other Accrued Expenses 0
Total Deductions 1,076

Deferred Taxable Income Related to Current Assets & Liabilities 37,074

Minus Net Operating Loss Carry Forward 0
Deferred Taxable Income Related to Current Assets & Liabilites 37,074

Marginal Estimated
Tax Rate Tax
Federal Estimated Income Tax Rate 0.0% 0
State Estimated Income Tax Rate 0.0% 0
Local Estimated Income Tax Rate 0.0% 0
Estimated Self Employment Tax Rate (Limited)
Old-age, Survivor, & Disability Portion of SE Tax Rate 0.00%
Medicare (Hospital Insurance) Portion 0.00%
Maximum Dollar Amount for Self Employment Tax 0 0

Deferred Tax Estimate on Current Assets & Liabilities (Cost) 0

Noncurrent Portion of Deferred Taxes

Cost
Market or Tax
Total Noncurrent Farm Assets Value Basis
Breeding Stock (Sch J) 143,500 145,704
Adjust Breeding Lvstk Cost Basis (FFSG) (139,500)
Farm Machinery & Equipment (Sch K) 71,797 71,797
Farm Real Estate (Sch L) 2,974,902 650,097
Other Non-Current Assets 0 0
Other Non-Current Assets 0 0
Total Market Value of Noncurrent Assets 3,190,198
Total Cost or Book Value of Noncurrent Assets 728,098

Excess of Market Value over Tax Basis on Noncurrent Assets 2,462,101

Deductions-Noncurrent-(Liabilities that result in tax deductions when paid)

Other Noncurrent Deductions... 0
Other Noncurrent Deductions... 0
Other Noncurrent Deductions... 0
Other Noncurrent Deductions... 0
Other Noncurrent Deductions... 0
Total Deductions for Noncurrent 0

Deferred Income Related to Noncurrent Assets & Liabilities 2,462,101

Minus Net Operating Loss Carry Forward (Not Used In Current Section) 0
Deferred Taxable Income for Noncurrent Assets & Liabilities 2,462,101

Marginal Estimated
Tax Rate Tax
Federal Estimated Income Tax Rate 0% 0
State Estimated Income Tax Rate 0% 0

Total Deferred Tax Estimate Related to Noncurrent 0

Assets and Liabilities