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["Simple Balance Sheet "]
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["There are two different formats of a balance sheet in this document. "]
[null,"1. A balance sheet made for use in excel with formulas already running "]
[null,"2. A balance sheet designed for printing with no formulas"]
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["On the information tab there are definitions, accounting formulas, and other resources designed to help better understand the use of a balance sheet."]
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["This Spreadsheet was developed and is supported by the UT Center of Farm Management"]
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["For additional information / assistance:"]
["Farm Management Specialist"]
["The MANAGE Program | Department of Agricultural and Resource Economics (tennessee.edu)"]

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[null,"Balance Sheet"]
[null,"Date of Values: "]
[null,"Name:"]
[null,"Address:"]
[null,"City, State, Zip:"]
[null,"Contact Info:"]
[]
[null,"Farm Balance Sheet",null,null,null,null,null,null,null,"See Definitions and Accounting Formulas "]
[null,"Current Assets",null,"Value","Current Liabilities",null,"Balance "]
[null,"Cash and checking",null,0,"Accrued interest ",null,0]
[null,"Prepaid expenses ",null,0,"Credit Cards",null,0]
[null,"Accounts receivable",null,0,"Accounts payable",null,0]
[null,"Growing crops",null,0,"Current loans",null,0]
[null,"Harvested crops",null,0,"Other principal due within 12 months",null,0]
[null,"Livestock held for sale",null,0,null,null,0]
[null,"Other current assets",null,0,null,null,0]
[null,"Total Current Assets ",null,{"$f":"SUM(D10:D16)","v":0},"Total Current Liabilities",null,{"$f":"SUM(G10:G16)","v":0}]
[]
[null,"Intermediate Assets",null,"Value","Intermediate Liabilities",null,"Balance "]
[null,"Breeding livestock",null,0,"Intermediate loans (ex. Machinery)",null,0]
[null,"Machinery and equipment",null,0,null,null,0]
[null,"Titled Farm vehicles ",null,0,null,null,0]
[null,"Other intermediate assets",null,0,null,null,0]
[null,"Total Intermediate Assets",null,{"$f":"SUM(D20:D23)","v":0},"Total Intermediate Liabilities ",null,{"$f":"SUM(G20:G23)","v":0}]
[]
[null,"Long Term Assets",null,"Value","Long Term Liabilities",null,"Balance "]
[null,"Land ",null,0,"Long term loans (ex. farm real estate)",null,0]
[null,"Buildings and improvements",null,0,null,null,0]
[null,"Other long term assets ",null,0]
[null,"Total Long Term Assets ",null,{"$f":"SUM(D27:D29)","v":0},"Total Long Term Liabilities ",null,{"$f":"SUM(G27:G29)","v":0}]
[]
[null,"Total Assets ",null,{"$f":"(D17+D24+D30)","v":0},"Total Liabilities",null,{"$f":"(G17+G24+G30)","v":0}]
[null,null,null,null,"Farm Net Worth (=TA-TL):",null,{"$f":"D32-G32","v":0}]
[null,"Personal Balance Sheet"]
[null,"Personal Assets ",null,"Value","Personal Liabilities",null,"Balance"]
[null,"Cash and Checking ",null,0,"Credit Cards",null,0]
[null,"Furnishings",null,0,"Short-term loans (due within 1 year)",null,0]
[null,"Non-farm vehicles",null,0,"Intermediate loan (due within 10 years)",null,0]
[null,"Real Estate",null,0,"Real estate loans",null,0]
[null,"Other personal assets",null,0,"Other personal loans",null,0]
[null,"Total Personal Assets ",null,{"$f":"SUM(D36:D40)","v":0},"Total Personal Liabilities ",null,{"$f":"SUM(G36:G40)","v":0}]
[null,null,null,null,"Personal Net Worth (=TA-TL):",null,{"$f":"D41-G41","v":0}]
[null,null,null,null,"Combined Net Worth:",null,{"$f":"G33+G42","v":0}]
[]
[null,"I certify that my statements on this balance sheet are true, complete, and correct to the best of my knowledge and belief. "]
[]
[null,"Signature(s)",null,null,"Date"]
[]
[]
[]
[null,"Financial Benchmarks"]
[null,"Current Ratio: Goal - Greater than 1.5"]
[null,{"$f":"IFERROR(IF(H53>1.49,H53,\" \"),\"\")","v":""},{"$f":"IFERROR(IF(AND(H53>0.9999,H53<1.49),H53,\" \"),\"\")","v":""},{"$f":"IFERROR(IF(H53<0.9999,H53,\" \"),\"\")","v":""},null,null,"(Current Assets/Current Liabilities)",{"$f":"((D17+SUM(D36:D37))/(G17+SUM(G36:G37)))/100","v":{"$error":"#DIV/0!"}}]
[null,"Greater than 1.5","1.5-1","Less than 1"]
[]
[null,"Debt to Asset Ratio: Goal - Less than 40%"]
[null,{"$f":"IFERROR(IF(H57<0.4,H57,\" \"),\"\")","v":""},{"$f":"IFERROR(IF(AND(H57>0.4,H57<0.6),H57,\" \"),\"\")","v":""},{"$f":"IFERROR(IF(H57>0.6,H57,\" \"),\"\")","v":""},"(Total Liabilities/Total Assets)",null,null,{"$f":"((G32+G41)/(D32+D41))","v":{"$error":"#DIV/0!"}}]
[null,"Less than 40%","40% - 60%","Greater than 60%"]
[]
[null,"Debt to Equity Ratio: Goal - Less than 50%"]
[null,{"$f":"IFERROR(IF(H61<0.4999,H61,\" \"),\"\")","v":""},{"$f":"IFERROR(IF(AND(H61>0.4999,H61<1.5),H61,\" \"),\"\")","v":""},{"$f":"IFERROR(IF(H61>1.5,H61,\" \"),\"\")","v":""},"(Total Liabilities/Total Equity)",null,null,{"$f":"((G32+G41)/(G43))","v":{"$error":"#DIV/0!"}}]
[null,"Less than 50%","50%-150%","Greater than 150%"]
[]
[null,"Working Capital",{"$f":"(D17+SUM(D36:D37))-(G17+SUM(G36:G37))","v":0},null,"(Current Assets - Current Liabilities)"]

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[null,"Balance Sheet"]
[null,"Date of Values: "]
[null,"Name:"]
[null,"Address:"]
[null,"City, State, Zip:"]
[null,"Contact Info:"]
[]
[null,"Farm Balance Sheet"]
[null,"Current Assets",null,"Value","Current Liabilities",null,"Balance "]
[null,"Cash and checking",null,"$","Accrued interest ",null,"$"]
[null,"Prepaid expenses ",null,"$","Credit Cards",null,"$"]
[null,"Accounts receivable",null,"$","Accounts payable",null,"$"]
[null,"Growing crops",null,"$","Current loans",null,"$"]
[null,"Harvested crops",null,"$","Other principal due within 12 months",null,"$"]
[null,"Livestock held for sale",null,"$",null,null,"$"]
[null,"Other current assets",null,"$",null,null,"$"]
[null,"Total Current Assets ",null,"$","Total Current Liabilities",null,"$"]
[]
[null,"Intermediate Assets",null,"Value","Intermediate Liabilities",null,"Balance "]
[null,"Breeding livestock",null,"$","Intermediate loans (ex. Machinery)",null,"$"]
[null,"Machinery and equipment",null,"$",null,null,"$"]
[null,"Titled Farm vehicles ",null,"$",null,null,"$"]
[null,"Other intermediate assets",null,"$",null,null,"$"]
[null,"Total Intermediate Assets",null,"$","Total Intermediate Liabilities ",null,"$"]
[]
[null,"Long Term Assets",null,"Value","Long Term Liabilities",null,"Balance "]
[null,"Land ",null,"$","Long term loans (ex. farm real estate)",null,"$"]
[null,"Buildings and improvements",null,"$",null,null,"$"]
[null,"Other long term assets ",null,"$",null,null,"$"]
[null,"Total Long Term Assets ",null,"$","Total Long Term Liabilities ",null,"$"]
[]
[null,"Total Assets ",null,"$","Total Liabilities",null,"$"]
[null,null,null,null,"Farm Net Worth (=TA-TL):",null,"$"]
[null,"Personal Balance Sheet"]
[null,"Personal Assets ",null,"Value","Personal Liabilities",null,"Balance"]
[null,"Cash and Checking ",null,"$","Credit Cards",null,"$"]
[null,"Furnishing",null,"$","Short-term loans (due within 1 year)",null,"$"]
[null,"Non-farm vehicles",null,"$","Intermediate loan (due within 10 years)",null,"$"]
[null,"Real Estate",null,"$","Real estate loans",null,"$"]
[null,"Other personal assets",null,"$","Other personal loans",null,"$"]
[null,"Total Personal Assets ",null,"$","Total Personal Liabilities ",null,"$"]
[null,null,null,null,"Personal Net Worth (=TA-TL):",null,"$"]
[null,null,null,null,"Combined Net Worth:",null,"$"]
[]
[null,"I certify that my statements on this balance sheet are true, complete, and correct to the best of my knowledge and belief. "]
[]
[null,"Signature(s)",null,null,"Date"]
[]
[]
[null,"Financial Benchmarks"]
[null,"Current Ratio: Goal - Greater than 1.5"]
[null,null,null,null,null,null,"Current Assets/Current Liabilities "]
[null,"Greater than 1.5","1.5-1","Less than 1","="]
[]
[null,"Debt to Asset Ratio: Goal - Less than 40%"]
[null,null,null,null,"Total Liabilities/Total Assets "]
[null,"Less than 40%","40% - 60%","Greater than 60%","="]
[]
[null,"Debt to Equity Ratio: Goal - Less than 50%"]
[null,null,null,null,"Total Liabilities/Total Equity "]
[null,"Less than 50%","50%-150%","Greater than 150%","="]
[]
[null,"Working Capital",null,null,"Current Assets - Current Liabilities"]
[null,null,null,null,"="]

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["Definitions"]
["Accounts payable: amount of money owed, by a firm, to others for goods or services bought on credit and for which payment is to be made before the end of the current accounting period."]
["Accounts receivable: debts that others owe the business, usually arising from previous credit sales."]
["Amortization: paying off debt with a fixed repayment schedule in regular installments over a period of time."]
["Asset: something of value a firm owns or uses."]
["Balance Sheet: a statement of the financial condition of a business on a specific date."]
["Contingent liability: potential liabilities if certain events occur in the future (i.e., debts that come about due to litigation, environmental matters, guarantees, estate taxes, etc.)"]
["Cost value: amount of cash paid for an asset, plus the basis of a trade-in, if any"]
["Current asset: either cash or an item that will become cash within the accounting period"]
["Current liability: a debt that must be paid within the next accounting period"]
["Current ratio: current assets divided by current liabilities as listed on the balance sheet"]
["Debt-to-asset ratio: measures the debt load of a business compared to its assets"]
["Debt-to-equity ratio: measures the relative size of claims on a firm’s assets between creditors and the owners"]
["Declining balance depreciation: provides periodic depreciation expense based on\nthe declining book value of a fixed (noncurrent) asset over its estimated life "]
["Depreciation: decline in market value that occurs in capital assets over time and which reflects the “consumption” of these assets due to wear and tear and so forth"]
["Equity-to-asset ratio: measures the proportion of total assets financed by equity in the farm"]
["Intermediate asset: asset with a longer life in the operation (usually up to 10 years)"]
["Intermediate liability: debt that is due over the next 10 or fewer years"]
["Liability: an obligation to pay a debt"]
["Liquidity: ability to meet the day-to-day cash needs of the firm"]
["Long-term asset: asset with a useful life of longer than 10 years"]
["Long-term liability: debt with a payback term longer than 10 years"]
["Market value: an estimate of an asset’s sale price, less any expected selling cost"]
["Noncurrent asset: something the firm owns or uses that will not turn into cash within the next accounting period"]
["Noncurrent liability: debt whose payment will be made after the next accounting period"]
["Non-farm assets: personal and non-farm business assets of the farm family"]
["Non-farm liabilities: personal and non-farm business liabilities incurred by the farm family"]
["Owner’s equity: difference between a firm’s assets and its liabilities, sometimes referred to as net worth"]
["Salvage value: value of an asset at the end of its useful life"]
["Solvency: ability to repay the money loaned if the firm stopped doing business today; measure of a firm’s debts to its equity"]
["Straight-line depreciation: depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed (noncurrent) asset"]
["Useful life: an estimate of the number of years an asset is likely to remain in service for its intended purpose"]
["Working capital: a firm’s current assets less its current liabilities; measures the funds that would be available if current assets were sold and current farm liabilities paid"]
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[null,null,null,null,null,null,null,null,null,null,null,"Accounting Formulas"]
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[null,"References"]
[null,"Campbell, V., Smith, A., Boyer, C., & Griffith, A. (n.d.). An introduction to basic farm financial statements: Balance sheet. UTIA, Department of Agricultural and Resource Economics. https://extension.tennessee.edu/publications/Documents/W884.pdf"]