Farm/Ranch Income Statement Worksheet
                                     Directions: Insert numbers in yellow boxes.  Grey boxes will calculate automatically. 
                                                                                                          Income
                        Cash Income (Schedule F)                                                                     Income Adjustments                                             Beginning               Ending
               Sales of Livestock bought for resale                                                   Crops held for sale or feed (Schedule B)
               Sales of raised livestock, gran, etc.                                                  Market livestock (Schedule F)
               Cooperative distributions paid                                                         Accounts receivable (Schedule H)
               Agricultural program payments                                                          Unpaid co-op distributions (Schedule I)
               Crop insurance proceeds                                                                Breeding livestock (Schedule J)
               Custom hire income                                                                     Subtotal of adjustments                                                        $             -     $              -   
               other cash income                                                                 B. Net adjustments (beginning-ending)                                              $                                   -   
               sales of breeding livestock
         A. Total Cash Income                                          $               -         C.  Gross Farm Revenue (A - B)                                                     $                                   -   
                                                                                                        Expenses
                      Cash Expenses (Schedule F)                                                      Expense Adjustments (paid in advance)                                         Beginning               Ending
               Car and truck expenses                                                                 Investment in growing crops (Schedule C)
               Chemicals                                                                              Commercial feed on hand (Schedule D)
               conservation expenses                                                                  Prepaid Expenses (Schedule E)
               Custom hire                                                                            Supplies on Hand (Schedule G)
               Employee benefits                                                                      Subtotal of adjustments                                                        $             -     $              -   
               Feed purchased                                                                    E. Net adjustment (beginning - ending)                                             $                                   -   
               Fertilizer and lime
               Freight, trucking                                                                              Expense Adjustments (due)
               Gasoline, fuel, oil                                                                    Accounts payable (Schedule O)
               Insurance                                                                              Farm taxes due (Schedule P)
               Interest Paid                                                                          Accrued interest (Schedule Q, R)
               Labor hired                                                                            Subtotal of adjustments                                                        $             -     $              -   
               Pension and profit-share plans                                                    F. Net adjustment (beginning - ending)                                             $                                   -   
               rent or lease payments
               Repairs, maintenance                                                              G. Depreciation (Schedule K, L)
               Seeds, plants                                                                     H. Gross Farm/Ranch Expenses (D+E+F+G)                                             $                                   -   
               Storage, warehousing
               Supplies purchased                                                                I.  Net Farm/Ranch Income from Operations (C-H)  $                                   -   
               Taxes (farm/ranch))
               Utilities                                                                         J. Sales of farmland (Schedule M, col. D)
               Vet fees, medicine, breeding                                                      K. Cost value of land sold (Schedule M, col. B)
               Other cash expenses                                                               L. Capital gains or losses (J - K)                                                 $                                   -   
               Livestock purchased
         D. Total Cash Expenses                                        $               -         M. Net Farm/Ranch Income (accrual) (I+L)                                           $                           -   
         Net Farm Income (cash) (A - D)                                $               -   
               This spreadsheet is from the Design Your Succession Plan program workbook.  
               For more informaiton about Design Your Succession Plan go to http://www.ag.ndsu.edu/money 
               Source: Farm Financial Statements, File C3-56, Iowa State University Extension and Outreach, 2013