Front image of a farm balance sheet

Balance Sheet Walkthrough Videos

April 7, 2022 - Author: ,

A 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

Tags: agriculture, balance sheet, beginning farmer, farm financial statements, farm management, msu extension


Authors

Jonathan LaPorte

Jonathan LaPorte
laportej@msu.edu

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