TABLE 5
BALANCE SHEET AT COST VALUES, 2003
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 412 83 78
Beginning Ending Beginning Ending Beginning Ending
ASSETS
Current Farm Assets
Cash and checking balance 9,800 11,039 4,320 7,501 22,158 24,241
Prepaid expenses & supplies 7,398 11,696 2,585 3,108 20,435 31,659
Growing crops 289 413 102 240 898 1,477
Accounts receivable 12,793 14,159 8,908 5,925 24,617 28,193
Hedging accounts 283 840 13 580 964 1,776
Crops held for sale or feed 89,851 108,690 44,178 41,323 197,022 269,169
Crops under government loan 3,419 4,871 2,735 3,613 10,087 6,841
Market livestock held for sale 40,158 37,194 41,352 40,127 37,273 28,441
Other current assets 310 378 323 338 133 518
Total current farm assets 164,301 189,279 104,517 102,755 313,587 392,314
Intermediate Farm Assets
Breeding livestock 58,616 58,098 59,446 56,750 38,181 37,078
Machinery and equipment 154,038 168,521 99,941 101,666 282,302 320,283
Titled vehicles 5,186 7,629 5,759 8,265 8,792 11,766
Other intermediate assets 7,562 7,654 3,932 3,975 18,263 18,585
Total intermediate farm assets 225,403 241,902 169,078 170,656 347,537 387,713
Long Term Farm Assets
Farm land 187,939 204,434 128,456 143,452 298,985 330,083
Buildings and improvements 25,942 28,308 17,525 17,707 46,805 53,840
Other long-term assets 6,462 6,633 4,687 5,011 12,947 13,648
Total long-term farm assets 220,342 239,375 150,668 166,169 358,737 397,571
Total Farm Assets 610,046 670,557 424,263 439,580 1,019,862 1,177,597
Total Nonfarm Assets 91,916 100,956 64,417 67,341 176,948 194,638
Total Assets 701,963 771,512 488,680 506,921 1,196,810 1,372,236
LIABILITIES
Current Farm Liabilities
Accrued interest 9,847 9,593 9,549 9,803 10,417 10,021
Accounts payable 7,114 7,256 8,876 10,173 9,853 7,592
Current notes 72,640 74,422 65,503 60,712 102,439 114,317
Government crop loans 2,709 3,807 2,193 3,100 7,844 5,180
Principal due on term debt 26,824 26,819 20,969 20,240 36,828 42,207
Total current farm liabilities 119,135 121,896 107,090 104,029 167,381 179,316
Total intermediate farm liabs 90,008 97,321 82,946 95,740 105,709 110,208
Total long term farm liabilities 102,144 114,708 87,885 99,174 113,417 132,072
Total farm liabilities 311,286 333,925 277,921 298,943 386,507 421,596
Total nonfarm liabilities 19,874 21,078 16,491 18,067 34,773 35,150
Total liabilities 331,161 355,003 294,413 317,010 421,280 456,746
NET WORTH (farm and nonfarm) 370,802 416,509 194,268 189,911 775,529 915,490
Net worth change 45,706 -4,357 139,960
RATIO ANALYSIS
Current farm liabilities / assets 73 % 64 % 102 % 101 % 53 % 46 %
Curr. & interm farm liab. / assets 54 % 51 % 69 % 73 % 41 % 37 %
Long term farm liab. / assets 46 % 48 % 58 % 60 % 32 % 33 %
Total debt to asset ratio 47 % 46 % 60 % 63 % 35 % 33 %
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