VIDEO Goal Setting (11 minutes) |
Activity 1.1: After reading the “Introduction to Case Farms” (Page 3-4 of the workbook) write down at least one SMART goal for Case Farms. Be ready to share it during our class discussion. |
VIDEO Record Keeping Part 1 (12 minutes) ISU ArticleConverting Cash to Accrual Net Farm Income https://www.extension.iastate.edu/agdm/wholefarm/html/c3-26.html |
Activity 1.2: On what date will Jon and Joan Case recognize the following transactions by each accounting method?
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VIDEO Record Keeping Part 2 (14 minutes) |
Activity 1.3: Jon & Joan Case are closing their books and must prepare a bank reconciliation for the following items.
What transaction entries, if any, need to be made to Jon and Joan Case’s records? |
Activity 1.4: Jon & Joan Case are closing their books and must prepare an inventory reconciliation. Their books show…
At the end of the year, they counted 50,450 bushels of corn, 23,800 bushels of soybeans, 4,500 bushels of wheat, 300 tons of alfalfa, and 125 calves. What is the discrepancy between their books and their actual ending inventory? |
EXTRA VIDEO Livestock Record Keeping (9 minutes) |