Farm Income Statement Sample
Figure 2. Farm Income Statement
| Farm Income and Expense Statement | |||
|---|---|---|---|
| For the period 1/1, 2011 to 12/31, 2011 | |||
| Income |
$
|
Expenses |
$
|
| Livestock and products | Livestock purchases |
1,627
|
|
| Milk |
103,855
|
Feed |
28,173
|
| Dairy Stock |
10,300
|
Other Livestock Expense |
8,124
|
| Crops |
1,689
|
Crops | |
| Custom work |
405
|
Seed |
2,963
|
| Rents, share income | Fertilizers |
6,524
|
|
| Government payments |
769
|
Chemicals | |
| Misc Farm income |
1,863
|
Other | |
| Total farm cash sales |
118,881
|
Marketing costs | |
| Closing current accounts receivables ($620) | Custom work, equipment rentals |
1,252
|
|
| Less: opening current accounts receivables $500 |
120
|
Hired labor |
7,106
|
| Total farm sales |
119,001
|
Fuel, oil |
4,431
|
| Plus inventory change (ending minus beginning) | Equipment repairs |
4,607
|
|
| Livestock ($110,815 - $110,000) |
815
|
Building, fence repairs |
1,334
|
| Crops ($46,857 - $40,000) |
6,857
|
Interest |
9,662
|
| Supplies ($700 - $1,000) |
(300)
|
Electricity |
3,375
|
| Gross farm income (A) |
126,373
|
Taxes, insurance |
3,618
|
| Car expenses |
1,071
|
||
| Rent |
2,238
|
||
| Other farm cash expenses |
2,857
|
||
| Total farm cash expenses |
88,962
|
||
| Closing current accounts payable ($884) | |||
| Less: opening current accounts payable ($500) |
384
|
||
| Total farm purchases |
89,346
|
||
| Plus depreciation |
17,532
|
||
| Total farm expenses (B) |
106,878
|
||
| Net farm income (A-B) |
19,495
|
