The Lucknow Sentinel, 1985-03-20, Page 67The Farm Edition, Week- of Manch 20. 1985 - 19a
Improve your financial presentation with more complete details
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
programa, 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 numberr 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, instalment note, etc.
3. The original purpose of the loan. ..
4. The security taken - what parcels of land
are encmbered; 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 dates . of each principal and interest
payment. Please provide a Dopy. 11 this is not
available, i at 'last 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 (JERRY) HUBER
tot 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 harrows; Lillison 4 row cultivator; Van Brunt J.D. 15 nm seed
drill with fertilizer boxes and grass seeder; 4 section of harrows and pole; 15' land leveller;
Amazone ZL,.S 3 pth. fertilizer, spreader; 13' Dunham land parker; No. 352 Fbnd 4 row corn
planter with insecticide boxes; 300 gallon Martin weed sprayer with 34' boom; 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 Kilibms 350 bushel Valley Box with rubber 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 JLUAM 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. :mother with crliirper;.No. 336
J,D. baler; 30' N.H. hay elevator; No. 3800 J.D. Harvester with Dom 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 Hehn single auger snow blower. Other articles too
numerous to mention. .
GOOD LINE OF FARM EQUIPMENT IN EXCELLENT CONDITION
TERMS CASH DAY OF SALE FARMS SOLD LUNCH BOOTH
OWNERS: Jen y Huber, 395-2440 + . William W yids, 395-2721
AUCTIONEERS
Grant McDonald, Ripley, 395-5353
Wallace Ballagb, 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 fanners 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 third year, and yet the
principal would. 'be included • 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....
:(:PION EER.m
Performance Leaders
PIONEER SEED CORN
NEW 3953 NEW 3803
•3859 •3851 •3949 •3950
•3925 •3906 .3975 A
PIONEER ALFALFA
•524 •526 ®532
ALL VARIETIES AVAILABLE IN
90% ALFALFA -10% TIMOTHY
80% ALFALFA - 20;o TIMOTHY
PIONEER SOYBEANS
SILA-BAC SILAGE INNOCULENT
"1177"
NEW 1282 0877
APPLICATOR
% PRICE
during Pioneer Days
March 18th - 22nd
Your Pioneer Sales Representative Is:
Bruce Raynard
R. R. 1, LUCKNOW 528-3502