homework4-2010-key

homework4-2010-key - 1 I. KEY INCOME STATEMENT AND ANALYSIS...

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1 KEY 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 2007 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, 2008 Dec. 31, 2008 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 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
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homework4-2010-key - 1 I. KEY INCOME STATEMENT AND ANALYSIS...

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