Balance!!!! ****Draft Version*** Holton Agriculture Education Department Agribusiness Management

Holton Ag Ed Department - Agribusiness Management Class Life Happiness = ????? Holton Ag Ed Department - Agribusiness Management Class

Life Happiness = Personal Life - Professional Life My Equation: Life Happiness = Personal Life - Professional Life Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Definition: Solvency Describes a business in sound financial condition which is able to pay all of its liabilities. Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Equation: Net Worth NW = A - L Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Today’s Purpose: Distinguish between assets and liabilities and give examples of each Describe the structure and major components of a balance sheet Accurately transfer financial information to a balance sheet Holton Ag Ed Department - Agribusiness Management Class

Anything of value owned by a business or individual. Definition: Asset Anything of value owned by a business or individual. Holton Ag Ed Department - Agribusiness Management Class

What are some examples you can think of? Example: Assets What are some examples you can think of? Holton Ag Ed Department - Agribusiness Management Class

Money, goods, and services that are owed to someone else. Definition: Liabilities Money, goods, and services that are owed to someone else. Holton Ag Ed Department - Agribusiness Management Class

Who can share some specific examples? Example: Liabilities Who can share some specific examples? Holton Ag Ed Department - Agribusiness Management Class

Are there differences within Assets or within Liabilities? Thought Question!!! Are there differences within Assets or within Liabilities? Holton Ag Ed Department - Agribusiness Management Class

Current - Around for less than 1 year Two Distinctions: Current - Around for less than 1 year Non Current - Around for more than 1 year Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Current Asset Cash Market Livestock Feeder Steers Barrows Grain Feed Straw Welding Rod Fuel Pesticides Potting Soil Can you think of others? Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Current Asset Cash Market Livestock Feeder Steers Barrows Grain Feed Straw Welding Rod Fuel Pesticides Potting Soil Can you think of others? Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Current Asset Cash Market Livestock Feeder Steers Barrows Grain Feed Straw Welding Rod Fuel Pesticides Potting Soil Can you think of others? Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Non Current Asset Breeding Stock Vehicles Land Fences Welder Greenhouse Equipment Tractor Combine Trailer Computer Can you think of others? Holton Ag Ed Department - Agribusiness Management Class

Holton Ag Ed Department - Agribusiness Management Class Current Liabilities Feed Bill Interest on Loans Current Portion of Non Current Debt Can you think of others? Holton Ag Ed Department - Agribusiness Management Class

Non Current Liabilities Land Loan Equipment Loan Mortgage on home Can you think of others? Holton Ag Ed Department - Agribusiness Management Class

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