TABLE 7
BALANCE SHEET AT MARKET 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 805 320 86 2,785
Machinery and equipment 335,438 225,275 319,048 538,298
Other intermediate assets 175,807 124,730 167,893 279,057
Total intermediate farm assets 512,050 350,324 487,027 820,140
Long Term Farm Assets
Farm land 385,316 318,094 287,863 552,940
Buildings and improvements 62,930 57,645 45,270 108,191
Other long-term assets 27,442 8,535 11,769 78,909
Total long-term farm assets 475,688 384,274 344,902 740,040
Total Farm Assets 1,290,378 909,672 1,108,768 2,148,906
Total Nonfarm Assets 216,778 208,757 186,690 352,143
Total Assets 1,507,156 1,118,430 1,295,457 2,501,049
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 liabs excluding deferreds 569,539 476,970 556,502 745,697
Total deferred liabilities 104,089 64,708 100,474 193,804
Total liabilities 673,628 541,678 656,975 939,500
Retained earnings 733,739 505,346 564,779 1,441,330
Market valuation equity 99,789 71,406 73,703 120,219
Net worth (farm and nonfarm) 833,527 576,752 638,482 1,561,549
Net worth excluding deferreds 937,616 641,460 738,956 1,755,352
Net worth change 69,293 364 54,338 169,784
RATIO ANALYSIS
Current farm liabilities / assets 71 % 104 % 79 % 49 %
Curr. & interm farm liab. / assets 41 % 52 % 44 % 33 %
Long term farm liab. / assets 39 % 44 % 46 % 30 %
Total debt to asset ratio 45 % 48 % 51 % 38 %
Debt to assets excl deferreds 38 % 43 % 43 % 30 %
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