Sample Farm 1/1/2020 Balance Sheet Current Assets Value Current Liabilities Balance Cash and checking 1,437 Accrued interest - Prepaid exp. & suppl. (Schd B) 1,906 Growing crops (Schd C) 120 Int P & I Principal Accounts receivable - Current loans (Schd U) Rate Due Balance Hedging accounts - Other current assets (Schd F) 300 Principal due within 12 months on term liabilities 9,691 Crops (Schd G) Quantity Value/Unit Straw - - /ton - Potatoes 3 50.00/cwt. 150 Lettuce - - /cwt. 2,000 Carrots - - /cwt. - Onions 4 80.00/cwt. 320 Livestock held for sale - Payables & accr exp (Schd T) - Total Current Assets 6,233 Total Current Liabilities 9,691 ______________________________________________ ____________________________________________________________________________ Intermediate Assets Intermediate Liabilities (Schd V) Cost Market Int Principal P & I Principal Intermed Value Value Loan Rate Balance Due Due Balance Breeding livestock - - Minnesota National-LOC 0.00 - - - - Machinery (Schd J) 17,544 24,663 Titled vehicles - - Other intermed. (Schd L) 44,408 56,326 Total Intermediate Assets 61,951 80,989 Total Intermediate Liabilities - ______________________________________________ ____________________________________________________________________________ Long Term Assets Long Term Liabilities (Schd W) Cost Market Int Principal P & I Principal Lg Term Land (Schd M) Acres Value Value Loan Rate Balance Due Due Balance Land 20 30,000 40,000 US Bank-Farm mortgag 3.375 80,863 12,307 9,691 71,172 Bldgs & improve. (Schd N) 71,769 90,006 Other long term assets - - Total Long Term Assets 101,769 130,006 Total Long Term Liabilities 71,172 ______________________________________________ ____________________________________________________________________________ Total Farm Assets 169,953 217,228 Total Farm Liabilities 80,863 Personal Assets (Schd P) 347,950 364,890 Personal Liabilities - Cost Market Total Liabilities (d)(e) 80,863 80,863 Retained Earnings/Contributed Capital [a-d] 437,040 Market valuation equity [b-a] 64,215 Total Assets (a)(b) 517,903 582,118 Net Worth [b-e] 501,255 I certify that my statements on this balance sheet are true, complete, and correct to the best of my knowledge and belief. Signature(s)________________________________________________________________________________________ Date ______________________ Schedule B: Prepaid expenses and supplies Schedule F: Other current assets Expense Value Per Value Per Category Quantity Unit Value Quantity Unit Value Seed Seed - - 800 High Tunnel Parts - - 300 Waxed boxes Pkg & supply - - 60 Soil mix Supplies - - 66 Total other current assets 300 Drip tape Misc. - - - __________________________________________________ Propane Fuel & oil - - 580 Compost Fertilizer - - 400 Schedule G: Crop inventory Total prepaid expenses and supplies 1,906 Value Per _____________________________________________________________ Crop Description Quantity Unit Value Straw - ton - - Schedule C: Growing crops Potatoes 3 cwt. 50.00 150 Lettuce Winter Green - cwt. - 2,000 Expense Value Per Carrots - cwt. - - Category Quantity Unit Value Onions 4 cwt. 80.00 320 Garlic - - 120 Total crop inventory 2,470 Total growing crops 120 _____________________________________________________________ _____________________________________________________________ Schedule J: Machinery and equipment Model Year Purchase Pct. Cost Market Make/Model Year Serial No./VIN Purchased Price Ownership Value Value IH 674 Tractor 1978 - - 100.00 % 1,122 4,500 Williams tool cultivator 2009 2009 - 100.00 % 687 720 Tiller 2011 2011 - 100.00 % 848 1,260 Holland Transplanter - 2004 - 100.00 % 125 180 Potato digger - 2013 - 100.00 % 561 810 Manure spreader 1975 - - 100.00 % 125 450 Chisel plow 1950 2013 - 100.00 % 187 270 Disk 2005 2005 - 100.00 % 374 360 Quack digger - 2007 - 100.00 % 62 90 Harrow - 2004 - 100.00 % 12 45 Potato hiller 1970 2005 - 100.00 % 93 135 Stalk chopper 1950 - - 100.00 % 312 450 IH tractor and cultivator 1955 2014 - 100.00 % 748 1,080 Pig feeder 1975 2014 - 100.00 % 187 270 Milk Machine 1960 2015 - 100.00 % 343 495 Plow 1962 2015 - 100.00 % 312 450 Undercutter 2016 2016 - 100.00 % 1,272 1,440 Mechanical Transplanter 1970 2016 - 100.00 % 650 891 Cement mixer 1980 2016 - 100.00 % 262 360 Grillo Cart 2017 2017 - 100.00 % 765 944 Grillo Tractor/tiller 2017 2017 - 100.00 % 2,515 3,105 Fertilizer Spreader 2017 2017 1,642 100.00 % 1,197 1,478 Stainless Steel Wash Sink 2017 2017 250 100.00 % 182 225 Grillo Flail Mower 2018 2018 2,505 100.00 % 2,029 2,070 Mulch Layer 2018 2018 2,702 100.00 % 2,189 2,160 3 compartment sink 1970 2019 275 100.00 % 275 275 Grain Drill 1950 2019 110 100.00 % 110 150 Total machinery and equipment 17,544 24,663 ________________________________________________________________________________________________________________________________ Schedule L: Other intermediate assets Year Purchase Mkt Value Cost Market Quantity Purchased Price Per Unit Value Value Walk in cooler - - - - 617 1,425 Large High tunnel - - - - 2,069 2,850 Small high tunnel - - - - - - Irrigation hydrant - - - - 2,178 2,850 Wind Turbine - - - - 29,761 38,000 Pig shelter - - - - 327 428 Zimmerman High Tunnel - - - - 8,250 9,539 Winter Greenhouse Heater - 2018 1,365 - 1,206 1,235 Total other intermediate assets 44,408 56,326 ________________________________________________________________________________________________________________________________ Schedule M: Land Schedule P: Personal assets Year Purchase Mkt Value Cost Market Mkt Val Cost Market Acres Purchased Price Per Acre Value Value Quantity Per Unit Value Value Land 20 - - 2,000 30,000 40,000 Savings and checking Personal Checking 1,901 1,901 Total land 20 30,000 40,000 Personal Savings 288 288 ____________________________________________________________ Stocks and bonds - - Other personal current assets - - Schedule N: Buildings and improvements Furnishings and appliances - - Schedule Q: Personal vehicles 26,820 23,760 Year Purchase Cost Market Cash value of life insurance - - Purchased Price Value Value Retirement accounts Barn - - 15,476 20,000 401K - - 198,941 198,941 Three sheds - - 11,607 15,000 Personal business investment - - Lean to - - 1,161 1,500 Other intermediate assets - - Winter Greenhous 2014 - 26,035 33,647 Personal real estate Farm Stand Imp 2015 - 119 154 House - - 120,000 140,000 Cabin Imp 2015 - 1,358 1,755 Other long term assets - - Greenhouse Imp 2015 - 1,828 2,362 Root Cellar Imp 2015 - 532 687 Total personal assets 347,950 364,890 Sauna 2016 - 3,794 4,658 ___________________________________________________________ Packing shed Imp 2016 - 252 310 Cabin Imp 2016 - 2,325 2,854 Farm Stand Imp 2017 - 201 234 Farm Stand Imp 2018 - 214 237 Cabin Imp 2018 - 489 542 Zimmerman HT Imp 2018 - 211 234 Cabin Imp 2019 - 790 832 MANNA Farm Stand 2019 - 5,378 5,000 Total buildings and improvements 71,769 90,006 _____________________________________________________________ Schedule Q: Personal vehicles Model Year Purchase Pct. Cost Market Make/Model Year Serial No./VIN Purchased Price Ownership Value Value Honda Fit - - - 100.00 % 8,951 5,850 Subaru Outback 2014 2018 - 100.00 % 13,050 13,050 Honda Odyssey 2010 2013 - 100.00 % 4,820 4,860 Total personal vehicles 26,820 23,760 ________________________________________________________________________________________________________________________________ Schedule T: Accounts payable and other accrued expenses Expense Category Balance Feed bill Purch. feed - Total accounts payable and other accrued expen - _____________________________________________________________ Lida Farm : 1/1/2020 Page 5 12/11/2020 7:40 AM (GMT Schedule V: Intermediate loans Interest Principal Accrued Normal Past Due Month Final Principal Intermed Rate Balance Interest P & I P & I Due Year Due Balance Minnesota National-LOC 0.00 % - - - - - - - - Total intermediate loans - - - - - - ________________________________________________________________________________________________________________________________ Schedule W: Long term loans Interest Principal Accrued Normal Past Due Month Final Principal Lg Term Rate Balance Interest P & I P & I Due Year Due Balance US Bank-Farm mortgag 3.375 % 80,863 - 12,307 - monthly 2025 9,691 71,172 Total long term loans 80,863 - 12,307 - 9,691 71,172 ________________________________________________________________________________________________________________________________ Schedule Z: Ratio analysis Cost Market Current ratio 0.64 0.64 Current ratio (business and personal) 0.87 0.87 Working capital -3,458 -3,458 Working capital (business and personal) -1,269 -1,269 Current percent in debt 155 % 155 % Intermediate percent in debt - % - % Long term percent in debt 70 % 55 % Personal percent in debt - % - % Total debt to asset ratio 16 % 14 % Total equity to asset ratio 84 % 86 % Total debt to equity ratio 0.19 0.16 _____________________________________________________________________________________