hwk32005 - Hwk 3 Name INCOME STATEMENT AND ANALYSIS I...

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Hwk 3 Name___________________________________ 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 2005 accounting period to complete an income statement for I.M. Then complete the calculations on the last two pages. The form included is probably too small to use for your work, but it shows you how to set up the problem. Inventory Values Jan. 1, 2005 Dec. 31, 2005 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
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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.

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hwk32005 - Hwk 3 Name INCOME STATEMENT AND ANALYSIS I...

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