The Wingham Advance-Times, 1985-03-20, Page 79hnprove your fi
from page 18a
A full description of each asset together
with examples of how to describe the assets is
necessary to provide an elaborate balance
sheet. Likewise with the liability side of the
balance sheet, we need to provide consider-
ably more than just the amount of debt, as
exact as it may be.
Additional information on the liabilities is
necessary in order to work out repayment
programs on present and future debts.
Expanded details on each debt, either on the
balance sheet or on a separate schedule,
should inicate:
1. The name, address and phone number of
earth creditor, particularly for the long team
debt. Creditors check with each other. Do not
frustrate or aggravate the people reviewing
your credit application by making them look
for phone numbers.
2. Type of loan - real estate mortgage, chattel
mortgage, demand note, instalment note, etc.
3. The original purpose of the loan.
4. The security taken - what parcels of land
are encumbered; what .pieces of machinery
were taken as security; or does the bank have
Section 178 on all your crops and livestock
Such material helps a creditor determine
what will be available for security for his line
of credit.
5. Original amount of loan and the exact date
of the funds were received.
6. The interest rate.,
7. The amortization period and the contract
period. The mortgage may only have a life
span of five years, but it may be amortized
over 20 years in order to provide reasonable
repayment terms.
8. The exact payment dates and the amount of
each payment. Repayment schedules may be
available from the mortgage Company giving
The Fairoa E rliYiou, Week of Maw 209 1985 - 19a
the dates of each principal and interest
payment. Please provide a Dopy. If this is not
available, at least provide the principal and
interest payments due within the next 12
months. The principal portion would become
a current liability and the interest would go
into your projected expense statement. The
balance of the principal not due would
of
Farm Machinery and Implement Buildings
will be held for
JEROME (TERRY) HUBER
Lot 19, can. 6, Huron Twp., 11/4 miles south of Ripley then 1 mile west on con. 6 Huron Twp.
THURSDAY, MARCH 28 at 11:00 A.M.
MACHINERY 5000 Ford tractor with 15 x 30 duals; 50-50 A.C. tractor with only 875 hrs;
No. 2000a.c. 4 furrow plow with 18" bottoms; 40 plate M.F. wheel disc; Oneway disc; 15'
Ford cultivator with levelling harrows; Lillison 4 row cultivator; Van Brunt J.D. 15 run seed
drill with fertilizer boxes and grass seeder; 4 section of harrows and pole; 15' land leveller;
Amazone ZITS 3 pth. fertilizer spreader; 13' Dunham land packer; No. 352 Ebrd 4 row Conn
planter with insecticide boxes ; 300 gallon Martin weed sprayer with 34' booms; water
pump with gas motor and suitable for filling sprayer; No. 4400 J.D. combine with cab, radio
and air; 13' grain head and pickup; 4 row 30" corn head and straw chopper -1200 hrs., good
condition; Martin wagon with Killbros 350 bushel Valley Box,withrubber tarp; 2 wagons
with grain boxes; Martin wagon with grain box and fertilizer auger; 16' 4" grain auger with
motor; 28' 6" grain auger on wheels with 5 hp. Briggs and Stratton motor.
BUILDINGS - Steel drive shed 64' x 32' with 12' lean; implement shed 38' x 44' ; steel shed
. 8' x 8' ; No. 3250 steel granary.
ARTICLES CONSIGNED BY W ILL AM W YIDS
4230 J.D. tractor with cab, air and 20.8 x 34 tires; '1120 J.D. tractor with No. 145 loader,
16-9-30 tires- and drains; D17 A.C. tractor;' 5 furrow No. 1350-1450 j.D. plow with 18"
bottoms; No. 470 Int. 16' disc with 52 plates; No. 800 J.D. swather with crimper; No. 336
J.D. baler; 30' N.H. hay elevator; No. 3800 J.D. Harvester with Dorn and hay head; Dion
forage blower; Artsway forage box with 10 ton Martin wagon; 2 Artsway forage boxes with
Vic wagons; 20' 5" grain auger; 7' Art Helm single auger snow blower. Other amides too
numerous to mention.
GOOD LINE OF FARM EQUIPMENT IN EXCELLENT CONDITION
TERMS CASH DAY OF SALE FARMS SOLilr- ; LUNCI BOOTH
OWNERS: Jerry Huber, 395-2440 William Wylds, 395-2721
AUCTIONEERS
Grant McDonald, Ripley, 395-5353
Wallace Ballagh, Teeswater, 392-6170
become a long term liability on the balance
sheet.
The amounts and the dates are required for
the cash flow projections. The information
called for in points, 5, 6, 7 and 8 is also
necessary to check the present debt situation.
Many farmers over estimate the amount of
principal paid down on a loan as of a given
date. Total payments on. a $200,000 loan
amortized over 20 years at 14 per cent ate
over 990,000 after the third year, and yet the
principal would be reduced by less than
$8,000. Knowing the repayment dates also
allows the fanner and or creditor to estimate
the accrued interest since the last repayment
date if refinancing is undertaken.
You Can Count On These....
(PIONEER.
Performance Leaders
PIONEER SEEDCORN
NEW 3953 NEW 3803
•3859 03851 •3949 •3950
'3925 •3906 .3975 A
PIONEER ALFALFA
•524 •526 •532
•ALL.VARIETIES AVAILABLE IN Cr
90% ALFALFA - 10% TIMOTHY
80% ALFALFA - 20% TIMOTHY
PIONEER SOYBEANS
NEW 1282 0877
SILA-BAC SILAGE INNOCULENT
"1177"
APPLICATOR
'/s PRICE
during Pioneer Days
March 18th - 22nd
Your Pioneer Sales Representative Is:
Bruce Baynard
R. R. 1, LUCKNOW 528-3502
1