BA Income Statement Template.xlsx

	B	C	D	E	F
1	Sample Farms Income Statement January 1 - December 31, 2023
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3	Farm Name:		Period:
4	Sample Farms		January 1 - December 31, 2023
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6	Income
7	Cash Income (numbers in ( ) refer to IRS Schedule F)		Income Adjustments	Beginning	Ending
8	Sales of livestock bought for resale (1a)	$425,000	Hedging accounts balance	$41,000	$48,000
9	Sales of raised livestock, grain, etc. (2)	450,000	Crops held for sale or feed	538,000	490,000
10	Cooperative distributions paid (3a)	4,000	Market livestock	296,000	330,000
11	Agricultural program payments (4a)		Accounts receivable	15,000
12	Crop insurance proceeds (6a)		Unpaid cooperative distributions	25,000	28,000
13	Custom hire income (7)	9,000	Breeding livestock	201,000	222,000
14	Other income (8), cash only	2,500	Other current assets
15	Sales of breeding livestock	6,500	Subtotal of income adjustments	$1,116,000	$1,118,000
16	Hedging accounts withdrawals	3,000	b. Net income adjustment (ending − beginning)	$2,000
17	a. Total Cash Income	$900,000	c. Gross Farm Revenue (a + b)	$902,000
18	Expenses
19	Cash Expenses (numbers in ( ) refer to IRS Schedule F)		Expense Adjustments (paid in advance)	Beginning	Ending
20	Car and truck expenses (10)		Investment in growing crops	$13,000	$9,000
21	Chemicals (11)	$18,000	Commercial feed on hand	10,000	11,000
22	Conservation expenses (12)		Prepaid expenses	20,000	0
23	Custom hire (13)	9,500	Supplies on hand	15,000	2,000
24	Employee benefits (15)		Subtotal of adjustments	$58,000	$22,000
25	Feed purchased (16)	180,000	e. Net adjustment (beginning − ending)	$36,000
26	Fertilizer and lime (17)	76,000	Expense Adjustments (due)	Beginning	Ending
27	Freight, trucking (18)	15,500	Farm accounts payable	$4,000	$2,000
28	Gasoline, fuel, oil (19)	12,000	Farm taxes due	4,000	5,000
29	Insurance (20)	19,000	Subtotal of adjustments (expenses due)	$8,000	$7,000
30	Interest paid (21a + 21b)	25,000	f. Net adjustment (ending − beginning)	($1,000)
31	Labor hired (22)	14,000	g. Depreciation	$54,000
32	Pension and profit-share plans (23)		h. Total Operating Expenses (d + e + f + g)	$811,000
33	Rent or lease payments (24a + 24b)	125,000	(excluding interest)
34	Repairs, maintenance (25)	13,000	i. Net Farm Income from Operations (c − h)	$91,000
35	Seeds, plants (26)	57,000	Interest Adjustments	Beginning	Ending
36	Storage, warehousing (27)		Accrued interest	24,000	22,000
37	Supplies purchased (28)	5,000	j. Net interest expense	23,000
38	Taxes (farm) (29)	9,000	(cash − beginning + ending)
39	Utilities (30)	5,000	Total Farm Expenses (h + j)	$834,000
40	Vet. fees, medicine, breeding (31)	7,000	k. Sales of farmland	$100,000
41	Other expenses (32), cash only	5,000	l. Cost value of land sold	$80,000
42	Livestock purchased	132,000	m. Capital gains or losses (k − l)	$20,000
43	Hedging accounts deposits	20,000
44	d. Total Cash Expenses	$747,000	n. Net Farm Income (accrual) (i − j + m)	$88,000
45	Net Farm Income (cash) (a − d)	$ 153,000	Value of Farm Production (c − purchases of feed & livestock)	$590,000
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59	Contact Clint Fischer at BraintrustAg.com
60	clint@braintrustag.com
61	(605) 692-1818
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