TABLE 5
BALANCE SHEET AT COST VALUES, 2001
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Net Farm Income)
Avg. Of
All Farms Low 20% High 20%
Number of farms 434 87 83
Beginning Ending Beginning Ending Beginning Ending
ASSETS
Current Farm Assets
Cash and checking balance 7,618 9,228 11,837 8,080 6,118 15,414
Prepaid expenses & supplies 9,022 9,713 6,636 9,177 19,190 21,678
Growing crops 792 326 799 216 594 549
Accounts receivable 23,520 16,360 24,973 12,521 29,263 32,359
Hedging accounts 270 207 435 283 573 442
Crops held for sale or feed 77,490 81,718 70,576 63,152 139,484 54,527
Crops under government loan 380 1,095 207 3,055 1,076 806
Market livestock held for sale 37,903 39,987 29,218 26,881 62,179 66,511
Other current assets 266 393 231 219 372 944
Total current farm assets 157,260 159,027 144,911 123,583 258,849 93,230
Intermediate Farm Assets
Breeding livestock 54,321 57,652 40,016 41,239 79,075 85,119
Machinery and equipment 146,880 159,820 155,756 160,401 225,146 54,755
Other intermediate assets 9,843 10,307 8,962 9,482 11,576 13,043
Total intermediate farm assets 211,044 227,778 204,734 211,122 315,797 52,917
Long Term Farm Assets
Farm land 184,959 194,709 149,334 155,027 283,023 301,737
Buildings and improvements 23,248 26,110 24,999 25,937 34,177 44,432
Other long-term assets 6,104 6,139 6,299 6,497 10,985 10,841
Total long-term farm assets 214,311 226,959 180,632 187,461 328,185 357,010
Total Farm Assets 582,616 613,764 530,277 522,166 902,830 1,003,157
Total Nonfarm Assets 85,736 92,195 84,302 94,328 121,681 131,876
Total Assets 668,352 705,959 614,579 616,493 1,024,510 1,135,033
LIABILITIES
Current Farm Liabilities
Accrued interest 10,000 11,050 11,895 14,140 8,019 8,643
Accounts payable 6,278 7,202 9,440 11,341 8,876 8,489
Current notes 59,211 72,235 76,847 100,880 72,718 91,594
Government crop loans 160 506 0 1,850 361 0
Principal due on term debt 23,859 25,211 25,387 26,200 33,141 33,962
Total current farm liabilities 99,508 116,204 123,568 154,410 123,116 142,688
Total intermediate farm liabs 86,135 90,994 112,925 119,735 84,099 94,684
Total long term farm liabilities 101,402 104,259 94,315 96,600 107,716 116,742
Total farm liabilities 287,046 311,457 330,808 370,746 314,931 354,114
Total nonfarm liabilities 15,897 17,240 22,543 24,142 13,528 16,022
Total liabilities 302,943 328,697 353,351 394,887 328,458 370,136
NET WORTH (farm and nonfarm) 365,408 377,262 261,228 221,606 696,052 764,897
Net worth change 11,853 -39,622 68,845
RATIO ANALYSIS
Current farm liabilities / assets 63 % 73 % 85 % 125 % 48 % 49 %
Curr. & interm farm liab. / assets 50 % 54 % 68 % 82 % 36 % 37 %
Long term farm liab. / assets 47 % 46 % 52 % 52 % 33 % 33 %
Total debt to asset ratio 45 % 47 % 57 % 64 % 32 % 33 %