TABLE 5
BALANCE SHEET AT COST VALUES, 2004
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 416 86 78
Beginning Ending Beginning Ending Beginning Ending
ASSETS
Current Farm Assets
Cash and checking balance 11,315 15,648 8,255 13,605 23,973 33,693
Prepaid expenses & supplies 11,237 11,725 4,740 2,876 25,799 31,730
Growing crops 425 660 230 871 938 1,028
Accounts receivable 13,534 27,608 5,909 17,834 28,589 49,621
Hedging accounts 829 455 539 453 1,149 773
Crops held for sale or feed 111,311 103,879 71,501 49,497 221,803 217,025
Crops under government loan 4,413 3,971 3,816 3,696 4,500 4,907
Market livestock held for sale 36,053 38,756 22,844 23,264 42,700 52,934
Other current assets 400 862 414 676 646 2,308
Total current farm assets 189,516 203,564 118,247 112,772 350,097 394,018
Intermediate Farm Assets
Breeding livestock 58,475 59,865 35,247 35,982 73,859 73,344
Machinery and equipment 183,206 199,800 134,972 143,740 317,058 353,054
Other intermediate assets 8,256 8,398 5,265 5,334 13,397 13,447
Total intermediate farm assets 249,939 268,063 175,483 185,056 404,315 439,845
Long Term Farm Assets
Farm land 210,181 225,253 155,363 164,042 348,632 376,668
Buildings and improvements 28,235 32,070 18,313 21,369 59,935 68,541
Other long-term assets 7,132 8,319 6,602 7,761 13,583 14,893
Total long-term farm assets 245,548 265,642 180,278 193,172 422,150 460,102
Total Farm Assets 685,003 737,269 474,008 490,999 1,176,561 1,293,965
Total Nonfarm Assets 96,208 104,865 78,272 80,905 155,514 175,284
Total Assets 781,211 842,133 552,280 571,904 1,332,076 1,469,248
LIABILITIES
Current Farm Liabilities
Accrued interest 8,868 9,725 8,625 9,930 12,018 12,892
Accounts payable 6,836 8,862 6,076 9,680 7,985 8,448
Current notes 74,482 85,442 62,237 79,383 107,438 117,448
Government crop loans 3,386 3,539 3,193 3,317 3,282 4,428
Principal due on term debt 27,315 29,489 23,372 24,376 45,913 46,992
Total current farm liabilities 120,887 137,056 103,503 126,685 176,635 190,208
Total intermediate farm liabs 99,052 101,871 98,712 105,121 126,753 123,166
Total long term farm liabilities 115,421 120,624 98,868 106,137 160,060 160,522
Total farm liabilities 335,360 359,551 301,083 337,943 463,448 473,896
Total nonfarm liabilities 21,798 23,655 21,660 20,778 29,819 34,995
Total liabilities 357,157 383,206 322,743 358,721 493,266 508,892
NET WORTH (farm and nonfarm) 424,053 458,927 229,537 213,183 838,809 960,357
Net worth change 34,874 -16,354 121,547
RATIO ANALYSIS
Current farm liabilities / assets 64 % 67 % 88 % 112 % 50 % 48 %
Curr. & interm farm liab. / assets 50 % 51 % 69 % 78 % 40 % 38 %
Long term farm liab. / assets 47 % 45 % 55 % 55 % 38 % 35 %
Total debt to asset ratio 46 % 46 % 58 % 63 % 37 % 35 %
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