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Balance Sheet8/18/2016AssetsLiabilitiesCurrent Farm Assets Cash and checking Prepaid expenses Growing crops Accounts receivable Crop and feed inventories Crop under govt loan Market livestock Other
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Current farm assets include all assets that are primarily used in the operations of a farm and are expected to be converted into cash within one year.
Farmers, ranchers, or any individual or entity that operates a farm are required to file current farm assets.
To fill out current farm assets, individuals must list all assets used in the farm operation and provide the corresponding values.
The purpose of current farm assets is to provide an accurate snapshot of the financial health of a farm at a specific point in time.
Information that must be reported on current farm assets includes the value of livestock, machinery, equipment, and other assets used in farm operations.
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