Creating a Balance Sheet for Agriculture Products
A balance sheet for agriculture products is similar to any other small business, but categories such as grown animals, feed and other equipment should be added. Create an agricultural balance sheet with information from an accounting professor in this free video on business.
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Hi, my name is Shawn Jones, adjunct professor at Argosy University. Today, we're talking about preparing a balance sheet for agricultural firms or businesses. While their balance sheet would include several categories such as assets, liabilities, and stockholder's or owner's equity, are very similar to small businesses and a typical small business, they're also very different, especially in using the balance sheet to prepare for taxes when it comes to animals, feed, and other equipment, and also the recording of inventories. Inventories such as animals grown, feed, or other inventory items that may be placed in storage shelters or other parts on the farm are recorded a little bit differently from that of a normal business. The inventories or the accounting of feeds, animals, and storage make creating the balance sheet for an agricultural business very unique and very different from that of a small business. For more information about this topic, please visit our website at argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.