TABLE 6
BALANCE SHEET AT COST VALUES
Minnesota and North Dakota Farm Business Mgmt. Education
Red River Valley, 2004
(Farms Sorted By Net Farm Income)
Avg. Of
All Farms Low 20% 40 - 60% High 20%
Number of farms 199 41 39 39
ASSETS
Current Farm Assets
Cash and checking balance 15,978 14,225 16,938 24,878
Prepaid expenses & supplies 34,698 18,084 31,213 76,518
Growing crops 105 466 - -
Accounts receivable 54,990 28,201 39,402 122,589
Hedging accounts 1,372 294 1,904 3,044
Crops held for sale or feed 178,795 95,886 175,071 340,554
Crops under government loan 13,100 17,356 7,839 9,407
Market livestock held for sale 3,017 115 2,733 11,036
Other current assets 585 449 1,739 700
Total current farm assets 302,640 175,074 276,839 588,726
Intermediate Farm Assets
Breeding livestock 743 302 74 2,629
Machinery and equipment 269,770 190,320 246,142 442,067
Other intermediate assets 140,253 112,187 149,008 206,335
Total intermediate farm assets 410,767 302,809 395,224 651,032
Long Term Farm Assets
Farm land 317,981 261,873 250,865 473,386
Buildings and improvements 53,153 46,511 31,611 93,237
Other long-term assets 25,259 8,684 11,737 67,451
Total long-term farm assets 396,392 317,068 294,213 634,075
Total Farm Assets 1,109,799 794,951 966,276 1,873,832
Total Nonfarm Assets 193,479 187,366 155,004 313,194
Total Assets 1,303,278 982,316 1,121,280 2,187,026
LIABILITIES
Current Farm Liabilities
Accrued interest 9,715 9,966 8,307 13,737
Accounts payable 16,817 12,899 14,511 28,199
Current notes 134,857 114,834 146,068 177,389
Government crop loans 11,590 15,033 7,307 8,426
Principal due on term debt 40,730 28,979 41,271 60,647
Total current farm liabilities 213,708 181,711 217,465 288,398
Total intermediate farm liabs 119,387 90,317 117,134 170,061
Total long term farm liabilities 185,685 167,379 159,979 223,063
Total farm liabilities 518,780 439,407 494,578 681,521
Total nonfarm liabilities 50,759 37,563 61,924 64,175
Total liabilities 569,539 476,970 556,502 745,697
Net worth (farm and nonfarm) 733,739 505,346 564,779 1,441,330
Net worth change 40,762 -29,511 33,719 130,703
RATIO ANALYSIS
Current farm liabilities / assets 71 % 104 % 79 % 49 %
Curr. & interm farm liab. / assets 47 % 57 % 50 % 37 %
Long term farm liab. / assets 47 % 53 % 54 % 35 %
Total debt to asset ratio 44 % 49 % 50 % 34 %
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