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How much profit did the farm make as of january

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Use the information below to construct a balance sheet for January 1, 2019. Then answer the questions that follow.

Accounts payable $12,000
Accounts receivable $8,250
Accrued interest on land loan of $2,000
Breeding livestock (raised) $165,000
Checking account balance $17,500
Crops $125,000
Machinery and equipment $275,000
Market livestock $115,000
Net present value of land $1,500,000
Principal loan payment on land of $40,000 leaving a remaining balance of $920,000
Taxes payable $17,000

Question 1: How much profit did the farm make as of January 1, 2019?

Reference no: EM132513681

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