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Published byErik Lester Modified over 9 years ago
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Maintaining Records Animal Science I
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Terms Asset Something of value you own Liability Debts Net Worth = total assets – total liabilities
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Terms Inventory An itemized list of things owned Includes beginning and depreciated value
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Assets Two kinds of assets Current Items that can quickly be converted to cash or that will be sold in the next 12 months Ex. Cash, checking, savings, stocks, non- depreciable inventory (crops, livestock)
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Assets Non-current Have useful life of more than one year Land, machinery, breeding livestock
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Liabilities Two types Current Due in the next 12 months Ex. Monthly payments, mortgage, bills Non-Current Due after the next 12 months Mortgage payments left after this year
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Net-Worth DO THE MATH Net-worth = total assets – total liabilities Total Assets = current assets + non-current assets Total Liabilities = current liab. + non-current liab.
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Inventory Non-depreciable Items that will be sold or used in next 12 months Ex. Feed, supplies, animals to be sold
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Inventory Depreciable Items with useful life of more than one year and lose value Reasons for decline in value Age, wear, out-of-date due to technology. LAND IS NOT DEPRECIABLE
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What is it? Bags of Feed Breeding Horses Cars Land Next 3 months house payment Savings Tractor and Equipment Current Non-Dep. Asset N-C, Dep., Asset N-C, Non-Dep, Asset Current, Liability Current, Non-Dep. Asset N-C, Dep., Asset
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