Balance Sheet Walkthrough Videos
April 7, 2022 - Jonathan LaPorte, MSU Extension
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EmailA balance sheet is a “snapshot” of the financial health of your farm business at a single point in time. It lists what you own (assets) and what you owe (liabilities) with the difference between them indicating how much the farm business is worth (owner equity/net worth).
The following videos outline examples of the types of information that goes in each section of your farm's balance sheet.
Current Assets
Cash - 2:12 minutes
Prepaid Expenses & Supplies - 4:34 minutes
Growing Crops - 4:32 minutes
Accounts Receivable - 2:58 minutes
Crop Inventory - 4:48 minutes
Livestock Held For Sale - 2:29 minutes
Intermediate Assets
Machinery & Equipment - 5:09 minutes
Machinery & Equipment Depreciation - 4:48 minutes
Farm Vehicles - 2:59 minutes
Breeding Livestock - 3:50 minutes
Other Intermediate Assets - 2:41 minutes
Long Term Assets
Buildings & Improvements - 3:01 minutes
Real Estate/Land - 5:00 minutes
Liabilities
Accounts Payable - 2:14 minutes
Current Loans - 3:01 minutes
Intermediate & Long Term Loans - 4:42 minutes
A copy of the farm balance sheet template used in the videos can be found here: Farm Balance Sheet Template
