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CLASSIFYING ASSETS AND LIABILITIES

The following list has some of the Assets and Liabilities that may be difficult to classify on a balance sheet. If people are inconsistent in classifying these items, it will be difficult to analyze trends and compare financial ratios between different farms. See how these farms/ranches are performing in relation to each other and make various comparisons.
PrintFill out this sheet and decide how they should be classified.

  • 1. Decide if the item is an asset or a liability. THEN
  • 2. Decide if it is a curent asset/liability or a non-current asset/liability

** Hint: Remember the definition of an asset and a liability. Remember the time factor portion of curent and non-current asset and liability definitions. This should help in determining each item below. Reread the portions on Assets and Liabilities if you are still unclear.

Legend: Asset - (A) or Liability - (L) Current (C) or Non-current (NC)

Name: ______________________________________

Name: 

Date: ______________________________________

Date:   

Cash value of life insurance A L C NC
Retirement Accounts A L C NC
Personal savings account A L C NC
Breeding Livestock A L C NC
Accrued annual interest expense A L C NC
Current portion of term debt A L C NC
Operating loans A L C NC
Government program payments receivable A L C NC
Credit card payments A L C NC
Equipment payments A L C NC
Growing crops A L C NC
Operating leases A L C NC
Capital leases A L C NC
 
 

Submit this page for a grade by mailing to:

  • Karen Harlan
  • PO Box 1475
  • Seagraves, TX 79359
or fax to: (806) 546-0079