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Income Statement Assignment

Rodger Lewellen's farm generated $307,940 in total revenue in 2015 from crop and livestock sales as well as government program payments. Total operating expenses were $186,690, including costs for feed, livestock, fuel, labor, and repairs. After accounting for interest expenses of $31,000 and a $11,100 gain from selling machinery, Rodger's net farm income was $101,350.

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Jose Simmons
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91 views

Income Statement Assignment

Rodger Lewellen's farm generated $307,940 in total revenue in 2015 from crop and livestock sales as well as government program payments. Total operating expenses were $186,690, including costs for feed, livestock, fuel, labor, and repairs. After accounting for interest expenses of $31,000 and a $11,100 gain from selling machinery, Rodger's net farm income was $101,350.

Uploaded by

Jose Simmons
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Farm Management

Income Statement
2015

Revenue:
Crops Sold
Market Livestock Sold
Livestock Sales
Gov. Program Payments
Other Farm Income

Rodger Lewellen
Amount:
$
189,600.00
$
91,660.00
$
7,600.00
$
8,890.00
$
4,700.00

Inventory Changes of:


Crops
Market Livestock

$
$
Total Revenue

(7,410.00)
12,900.00

307,940.00

Expenses:
Purchased Feed and Grain
Purchased Market Livestock

$
$

21,200.00
46,500.00

Other Cash Operating Expenses:


Crop Expenses
Livestock Expenses
Fuel, Oil
Labor
Repairs, Maintenance
Property Taxes
Insurance
Other

$
$
$
$
$
$
$
$

25,590.00
4,800.00
5,800.00
22,600.00
12,100.00
3,400.00
3,800.00
10,600.00

Adjustments:
Change in Accounts Payable

1,400.00

Depreciation:
Total Operating Expenses

28,900.00

186,690.00

Cash Interest Paid:

33,400.00

Change in Accrued Interest:


Total Interest Expense

(2,400.00)

Total Operating Expenses

Total Expenses

217,690.00

Net Farm Income From Operations:

90,250.00

Gain/Loss on Sale of Capital Assets:


Machinery

11,100.00

Farm Management
Net Farm Income:

Income Statement
2015

Rodger Lewellen
$

101,350.00

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