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Maintaining Records

Maintaining Records . Animal Science I. Terms . Asset Something of value you own Liability Debts Net Worth = total assets – total liabilities. Terms. Inventory An itemized list of things owned Includes beginning and depreciated value. Assets. Two kinds of assets Current

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Maintaining Records

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  1. Maintaining Records Animal Science I

  2. Terms • Asset • Something of value you own • Liability • Debts • Net Worth • = total assets – total liabilities

  3. Terms • Inventory • An itemized list of things owned • Includes beginning and depreciated value

  4. Assets • Two kinds of assets • Current • Items that can quickly be converted to cash or that will be sold in the next 12 months • Ex. Cash, checking, savings, stocks, non-depreciable inventory (crops, livestock)

  5. Assets • Non-current • Have useful life of more than one year • Land, machinery, breeding livestock

  6. Liabilities • Two types • Current • Due in the next 12 months • Ex. Monthly payments, mortgage, bills • Non-Current • Due after the next 12 months • Mortgage payments left after this year

  7. Net-Worth • DO THE MATH • Net-worth = total assets – total liabilities • Total Assets = current assets + non-current assets • Total Liabilities = current liab. + non-current liab.

  8. Inventory • Non-depreciable • Items that will be sold or used in next 12 months • Ex. Feed, supplies, animals to be sold

  9. Inventory • Depreciable • Items with useful life of more than one year and lose value • Reasons for decline in value • Age, wear, out-of-date due to technology. • LAND IS NOT DEPRECIABLE

  10. Bags of Feed Breeding Horses Cars Land Next 3 months house payment Savings Tractor and Equipment Current Non-Dep. Asset N-C, Dep., Asset N-C, Dep., Asset N-C, Non-Dep, Asset Current, Liability Current, Non-Dep. Asset N-C, Dep., Asset What is it?

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