TABLE 5
                                      BALANCE SHEET AT COST VALUES, 2002                                
                           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                            413                      84                       81        

                                  Beginning    Ending      Beginning    Ending      Beginning    Ending
ASSETS
Current Farm Assets
  Cash and checking balance           9,141     9,678          7,090     3,967         12,663    17,917
  Prepaid expenses & supplies         9,418     7,390          4,578     2,961         23,190    17,549
  Growing crops                         201       281             75        61            357       507
  Accounts receivable                14,704    14,046         10,916    11,329         30,766    29,288
  Hedging accounts                      196       282             75        79            396       641
  Crops held for sale or feed        77,813    90,249         45,604    41,696        154,262   210,172
  Crops under government loan         3,271     4,359          3,585     2,691          6,844     5,510
  Market livestock held for sale     42,336    41,459         57,555    46,573         31,006    39,496
  Other current assets                  320       338            353       340            275       201
Total current farm assets           157,401   168,083        129,831   109,697        259,759   321,280
Intermediate Farm Assets
  Breeding livestock                 60,058    61,805         63,896    61,046         39,249    40,005
  Machinery and equipment           153,176   161,495        120,172   123,528        253,032   274,013
  Other intermediate assets           7,975     7,875          3,888     4,139         12,567    12,651
Total intermediate farm assets      221,208   231,174        187,956   188,714        304,849   326,669
Long Term Farm Assets
  Farm land                         188,933   200,319        160,036   170,173        264,484   282,785
  Buildings and improvements         25,681    27,313         22,648    24,565         35,357    37,765
  Other long-term assets              6,073     6,223          3,236     3,351         12,339    12,365
Total long-term farm assets         220,687   233,855        185,920   198,090        312,180   332,915
Total Farm Assets                   599,296   633,111        503,706   496,500        876,788   980,864
Total Nonfarm Assets                 93,976    97,359         63,498    66,030        132,761   134,000
Total Assets                        693,272   730,471        567,204   562,530      1,009,549 1,114,864

LIABILITIES
Current Farm Liabilities
  Accrued interest                   10,890    10,823         11,792    12,101         10,704    10,918
  Accounts payable                    7,602     6,771          7,393     7,558          9,021     7,200
  Current notes                      68,347    71,068         69,386    69,484         96,039   104,938
  Government crop loans               2,810     3,456          2,983     2,247          6,167     4,162
  Principal due on term debt         24,063    25,803         21,179    22,290         29,555    32,368
Total current farm liabilities      113,712   117,921        112,734   113,679        151,487   159,587
Total intermediate farm liabs        87,173    89,693         93,626    96,413         86,775    94,794
Total long term farm liabilities    102,574   110,496        105,200   116,953        113,859   123,597
Total farm liabilities              303,458   318,110        311,560   327,045        352,120   377,977
Total nonfarm liabilities            17,815    19,849         16,708    16,348         20,421    23,425
Total liabilities                   321,273   337,959        328,268   343,393        372,541   401,402
NET WORTH (farm and nonfarm)        371,999   392,512        238,936   219,137        637,009   713,462
Net worth change                               20,513                  -19,799                   76,454

RATIO ANALYSIS
Current farm liabilities / assets      72 %      70 %           87 %     104 %           58 %      50 %
Curr. & interm farm liab. / assets     53 %      52 %           65 %      70 %           42 %      39 %
Long term farm liab. / assets          46 %      47 %           57 %      59 %           36 %      37 %
Total debt to asset ratio              46 %      46 %           58 %      61 %           37 %      36 %