HomeMy WebLinkAboutThe Wingham Advance-Times, 1985-03-20, Page 100The ram Edition, Week of Kliack 20, 1 - t,ipa
Improve your financial presentati.on with more complete details
front 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 off 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
each creditor, particularly for the long term
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, rIbstalment note, etc.
3. The original purpose of the loan.
4. The-st cuiity taken - what parcels of land
are encumbered; what pieces of maehinerx.
were taken as security; or does the bank have
Section 178 on all yur crops and livestock
Such material helps a creditor determine
what will be available for security ffor 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 contrail
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 teams.
8. The exact payment dates and the amount of
each payment. Repayment schedules may be
available from the mortgage company giving
the dates of each principal and interest
payment. Please provide a copy. 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 prinicipal not due would
CM7
of
Farm Machinery and Implement Buildings
will be held for
JEROME MIRY) HUBER
Lot 19, con. 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 hams;'Allison 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 Ford 4 row corn
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" car head and straw dropper -1200 hrs., good
condition; Martin wagon with Kfllbros 350 bushel Valley Box with nlbber 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 WILLIAM 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 chains; 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 corn 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 articles too •
numerous to mention.
GOOD UNE OF FARM EQUIPMENT IN EXCELLENT CONDITION
TERMS CASH DAY OF SALE FARMS SOLD LUNCH BOOM
OWNER: Jerry Huber, 395-2440William 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 are
over $90,000 after the thin year, and yet the
principal would be reduced by less than
$8,000. Knowing the repayment dates also
allows the farmer and or creditor to estimate
the accrued interest since the last repayment
date if refinancing is undertaken.
You Can Count On These....
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R. R.1, LUCKNOW 5284502