Unit 2.00 Records in the Equine Industry

COURSE: Equine Science I - AA31   Essential Standard: 2.00 8% C2 Understand the use of records in the equine industry. Objective: 2.01 4% Understand the Supervised Agricultural Experience component of the equine science class. Essential Questions: What are the components of a Supervised Agricultural Experience in Equine Science? How are entries in a Supervised Agricultural Experience record book recorded?

Types of SAE Entrepreneurship—planning, implementing, operating and assuming financial risks in an agricultural business or farming activity such as creating and selling plant hybrids or breeding livestock for show / sale. Experimental—planning and conducting an agricultural experiment using the scientific process or scientific method such as comparing different levels or protein on animal growth. (MOST COMMON IN BIOTECH)

Analytical—identify an agricultural problem that cannot be solved by experiments and design a plan to investigate and analyze the problem such as a marketing display. Placement—placing students in jobs outside the regular classroom hours and may by paid or unpaid work such as working at a seed company, or animal research facility.

Exploratory—helps students learn about agriculture and become aware of possible agricultural careers through short times spent observing, shadowing or helping an individual in the field. Career days can also be an example.

Improvement—a series of activities that improves the value or appearance of the place of employment, school, home or community; the efficiency of a business or an enterprise; or the living conditions of the family. Examples include building a fence, computerizing records, remodeling a building or repairing a propagation bench.

Supplementary- Performing one specific agricultural skill outside of normal class time. This skill is not related to the major SAE but is normally taught in an agricultural program; involves experiential learning and contributes to the development of agricultural skills and knowledge on the part of the student. The activity is accomplished in less than a day and does not require a series of steps such as pruning a tree, staking tomatoes or changing oil.

Types of SAE Entries Enterprise—type of enterprise, amount bought or sold, expenses, income, efficiency factors, etc. Experimental—review of literature, hypothesis, data log, findings, recommendations, etc. Analytical—title of activity, identification of problem, background information, steps to solve problem, project log of what was done, results and recommendations.

Placement—training agreement signed by student, teacher, employer and parent or guardian stating which each will do, record of work, hours and income. Exploratory—date, activity, observation and comments, hours.

Improvement—date started, date completed, improvement activity and steps or tasks involved in the project, hours, costs. Supplementary—date, supplementary activities and comments, hours.

Financial Records Objective 6.00

COURSE: Equine Science I - AA31   Essential Standard: 2.00 8% C2 Understand the use of records in the equine industry. Objective: 2.02 4% Understand methods of financial record keeping in an equine business. Essential Questions: What terminology is used in financial record keeping? How do you correctly record entries in a financial record system?

Financial Records Asset—something tangible of value that a person owns. Current—items quickly converted to cash or that will be sold within 12 months—examples: cash, checking, savings, stock and non-depreciable inventory of lab supplies, perishables, etc. Non-current—items that have a useful life of more than one year—examples: lab equipment, machinery, breeding livestock, etc.

Student Assignment: In the space provided in your notes, list 2 current and 2 non-current assets that your family has:

Liability-debts Current—debts that are due to be paid this year— examples: fertilizer and feed bills, lab equipment and building payments and part of mortgage due this year. Non-current—debts not due this year—examples: mortgages not including this year’s payment.

Student Assignment: In the space provided in your notes, list a current liability you and/or your family have:

Net worth = total assets minus total liabilities. Current assets + non-current assets = total assets. Current liabilities + non-current liabilities = total liabilities.

Inventory—an itemized list of things owned by a business with the beginning value and depreciated value. Non-depreciable—items that will be used up or sold within a year—example: feed, supplies, etc. Depreciable—items that have a useful life of more than one year and lose value because of age, wear or becoming out-of-date because of technology advancements. Land is NOT depreciable property.

Student Assignment- complete the following questions Student Assignment- complete the following questions. Put answers on notebook paper and turn in for a daily grade. SHOW YOUR WORK! If a net worth statement shows that a business has $4,000 cash on hand, $10,000 in a checking account and land valued at $575,000, what amount should be entered on the total assets line of a net worth statement?

If a poultry researcher’s inventory shows 10,000 hens valued at $22 each, 30 tons of feed at $16 a ton, medicine worth $1500 and 15 acres of land worth $9,000 per acre, what amount should be entered on the total value on non-depreciable inventory line of the inventory page? An agricultural research organization with $100,000 in a checking account, $50,000 in savings, research patents valued at $500,000, and several liabilities totaling $350,000 would have a net worth of:

The net worth of a research company was valued at $3,000,000 in 2013 The net worth of a research company was valued at $3,000,000 in 2013. If the company had assets totaling $1,500,000, what was the total value of the company's liabilities?

Check your work! $589,000.00 $356,980.00- All items are non-depreciable. Poultry are “breeding animals” and the medicine and supplies will be used within a year and therefore do not depreciate. $300,000.00 $1,500,00.00