(1) Current assets means cash and other assets or resources commonly identified as those which are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business, which is considered to be one year.

(2) Current liabilities means obligations whose liquidation is reasonably expected to require the use of existing resources principally classifiable as current assets or the creation of other current liabilities during the one year operating cycle of the business.

(1) Cash in bank or on hand;

(2) sums due a market agency from a custodial account for shippers' proceeds;

(3) accounts receivable, if collectible;

(4) notes receivable and portions of long-term notes receivable within one year from date of balance sheet, if collectable;

(5) inventories of livestock acquired for purposes of resale or for purposes of market support;

(6) feed inventories and other inventories which are intended to be sold or consumed in the normal operating cycle of the business;

(7) accounts due from employees, if collectable;

(8) accounts due from officers of a corporation, if collectable;

(9) accounts due from affiliates and subsidiaries of corporations if the financial position of such subsidiaries and affiliates justifies such classification;

(10) marketable securities representing cash available for current operations and not otherwise pledged as security;

(11) accrued interest receivable; and

(12) prepaid expenses.

(1) Cash and claims to cash which are restricted as to withdrawal, such as custodial funds for shippers' proceeds and current proceeds receivable from the sale of livestock sold on a commission basis;

(2) investments in securities (whether marketable or not) or advances which have been made for the purposes of control, affiliation, or other continuing business advantage;

(3) receivables which are not expected to be collected within 12 months;

(4) cash surrender value of life insurance policies;

(5) land and other natural resources; and

(6) depreciable assets.

(1) Bank overdrafts (per books);

(2) amounts due a custodial account for shippers' proceeds;

(3) accounts payable within one year from date of balance sheet;

(4) notes payable or portions thereof due and payable within one year from date of balance sheet;

(5) accruals such as taxes, wages, social security, unemployment compensation, etc., due and payable as of the date of the balance sheet; and

(6) all other liabilities whose regular and ordinary liquidation is expected to occur within one year.