When and How to Prepare a Farm Balance Sheet

When and How to Prepare a Farm Balance Sheet

Dan Childs

Noble Research Institute

The balance sheet is a document that lists the value of all assets owned and all liabilities owed by an entity at a particular point in time. It is also referred to as a financial statement, a statement of equity and a net worth statement. Preparing a balance sheet is a standard operating procedure for many businesses, including farms and ranches. It can also be useful for an individual or family who gets in the habit of preparing it on a regular basis.

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