Income Statement Example

Income Statement Example - (4,006) Total Interest Expense...

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November, 1997 A – 8 JOHN AND MARY FARMER (Farm Business Only) FARM BUSINESS INCOME STATEMENT FOR THE PERIOD JANUARY 1, 19X2 THROUGH DECEMBER 31, 19X2 GROSS REVENUE VERSION *Crop Cash Sales 149,644 $ +/-Change in Crop Inventories 6,597 Gross Revenues from Crops 156,241 $ Market Livestock/Poultry Cash Sales 49,624 +/- Change in Market Livestock/Poultry Inventories 24,126 Gross Revenues from Market Livestock/Poultry 73,750 Livestock Products 0 Government Programs 18,978 Gain/Loss From Sale of Culled Breeding Livestock (Purchased and Raised)** 0 +/-Change in Value Due to Change in Quantity of Raised Breeding Livestock** 2,500 Crop Insurance Proceeds 50,000 Change in Accounts Receivable 2,465 Other Farm Income 765 Gross Revenues 304,699 Purchased Feed/Grain 1,694 $ Purchased Market Livestock 6,505 Other Cash Operating Expenses 164,776 +/- Accrual Adjustments 6,578 Depreciation/Amortization Expense 42,003 Total Operating Expenses 221,556 Cash Interest Paid 33,583 +/- Change in Interest Payable
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Unformatted text preview: (4,006) Total Interest Expense 29,577 Total Expenses 251,133 Net Farm Income from Operations 53,566 Gain/Loss on Sale of Farm Capital Assets Gain/Loss Due to Change in General Base Values of Breeding Livestock** Net Farm Income, Accrual Adjusted 53,566 Miscellaneous Revenue 150 Miscellaneous Expense Total Miscellaneous Revenue and Expense 150 Income Before Taxes and Extraordinary Items 53,716 Cash Income Tax Expense 6,495 +/- Change in Income Tax Accruals 2,760 +/- Change in Current Portion of Deferred Taxes (Schedule 6) 24,779 +/- Change in Non-Current Portion of Deferred Taxes (Schedule 6) 906 Total Income Tax Expense (Farm Business Only) 34,940 Income Before Extraordinary Items 18,776 Extraordinary Items (Net of Tax) Net Income, Accrual Adjusted 18,776 $ * Note: CCC loans proceeds are not included ** See Appendix F for further discussion....
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This note was uploaded on 08/08/2008 for the course AAE 320 taught by Professor Mitchell during the Spring '08 term at University of Wisconsin.

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