Question: Could you please help with this problem from my Agribusiness class? Thank you so much 3. Income Statement Preparation Assume I.M. Farmer has an accounting

Could you please help with this problem from my Agribusiness class? Thank you so much
Could you please help with this problem from my Agribusiness class? Thank
you so much 3. Income Statement Preparation Assume I.M. Farmer has an

3. Income Statement Preparation Assume I.M. Farmer has an accounting period running from January 1 to December 31. Use the following information obtained for the calendar year 2017 accounting period to complete an income statement for I.M. using the attached form. Inventory Values Jan. 1. 2017 $32,850 $18,600 Crops Livestock Dec 31, 2017 $25,440 $31,500 3,800 Depreciation Feed Purchased Property Taxes Misc. Expenses Market Livestock Sold Repairs Fertilizer Exp. Supplies Labor Hired Fuel Expense Gain on mach, sale Change in interest payable Revenue and Expenses 28,900 Crops Sold $189,600 21,200 Insurance 3,400 Interest Paid 33,400 5,800 Feeder Livestock Purch. 46,500 91,660 Seed Purchased 6,410 12,100 Vet. & Health Expense 9,400 Income from Custom Work 4,700 4,800 Gain on Sale of 22,600 Breeding Stock 7,600 5,800 Gov't payment income 11,100 Chemical exp. 9,780 (2,400) Change in acct. payable +1,400 4,800 8,890 Other Information Average Asset Value (2017) $785,000 Family Living Expenses $ 38,000 Opportunity Cost of Operator Income Tax Paid in 2017 10,700 Labor 24,000 Owner's Equity (12/31/17) $402,000 Opportunity Cost of Operator Average Equity Value Management 12,000 (2017) $375,675 Opportunity Cost of Capital 9% Income Statement December 31, 2017 Revenue: Cash crop sales Cash livestock sales Inventory changes: Crops Market livestock Livestock product sales Government program payments Gain/loss from sale of culled breeding stock Change in accounts receivable Other farm income Total revenue Expenses: Purchased feed and grain Purchased market livestock Other cash operating expenses: Fertilizer expense Chemical expense Seed purchased Livestock expenses Fuel, oil Labor Repairs, maintenance Property taxes Insurance Supplies Misc. expenses Adjustments Accounts payable Depreciation Total operating expenses Cash interest paid Change in interest payable Total interest expense Total expenses Net farm income from operations Gain/loss on sale of capital assets Machinery Land Total Net farm income

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