The first primary financial management report often created for the farm business is the Balance Sheet. It is a report of the farm business’s financial position (strength) at a point of time. It provides insight of farm liquidity and solvency . In the Financial Management Factsheet Understanding the Farm Business Balance Factsheet Part 1, UW-Extension Taylor County Agriculture Educator Sandy Stuttgen discusses the concept and structure of the balance sheet.
Understanding the Farm Business Balance Factsheet Part 1 is one factsheet in the Financial Management Factsheet series designed to help individuals understand the basic principles of financial record keeping. Additional factsheets in the series include:
- Understanding The Farm Financial Model
- Understanding the Farm Business Balance Sheet, Part 1 and Part 2
- Understanding the Farm Income Statement, Part 1 and Part 2
- Understanding Profitability Using the Farm Business Balance Sheet and Income Statement