homework4-2007

# Homework4-2007 - INCOME STATEMENT AND ANALYSIS I Assume I.M Farmer has an accounting period running from January 1 to December 31 Use the following

This preview shows pages 1–2. Sign up to view the full content.

1 INCOME STATEMENT AND ANALYSIS I. Assume I.M. Farmer has an accounting period running from January 1 to December 31. Use the following information obtained for the calendar year 2006 accounting period to complete an income statement for I.M. using the attached form. Then complete the calculations on the last two pages. Inventory Values Jan. 1, 2006 Dec. 31, 2006 Crops \$32,850 \$25,440 Livestock \$18,600 \$31,500 Revenue and Expenses Depreciation 28,900 Crops Sold \$189,600 Feed Purchased 21,200 Insurance 3,800 Property Taxes 3,400 Interest Paid 33,400 Misc. Expenses 5,800 Feeder Livestock Purch. 46,500 Market Livestock Sold 91,660 Seed Purchased 6,410 Repairs 12,100 Vet. & Health Expense 4,800 Fertilizer Exp. 9,400 Income from Custom Work 4,700 Supplies 4,800 Gain on Sale of Labor Hired 22,600 Breeding Stock 7,600 Fuel Expense 5,800 Gov't payment income 8,890 Gain on mach. sale 11,100 Chemical exp. 9,780 Change in interest payable (2,400) Change in acct. payable +1,400 Other Information Average Asset Value (2006)

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 11/15/2011 for the course AGEC 7100 taught by Professor Duffy,p during the Fall '08 term at Auburn University.

### Page1 / 4

Homework4-2007 - INCOME STATEMENT AND ANALYSIS I Assume I.M Farmer has an accounting period running from January 1 to December 31 Use the following

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online