Name AREC FARMS Revenue Cash Income Sales of Livestock Hought for resale Sale of livestock, grain, eto Gov't payments Cooperative distribution puid Crop Insurance Sale of Breeding sock Other cash reventie Total Cash Income Inventory Changes Market Livestock Crops held for feed or sale Accounts Receivable Breeding livestock Pred Expense Investment in growing crop Commerical feed on hand Supplies on hand Cash and Checking account Accounts Payable Accrued Interest Total Teventory Change Beginning Value Ending Value Net Change 45,8501 -45.8301 300 0 -6,500 0 ol 72.000 70.200 - 1800 1,500 0 1.500 0 0 12.00 0 -12.2001 6,000 0 -6,000 20,000 -20,000 O 500 500 18.050 S16,039.00 2.011 -88191 Depreciation Machinery Building and improvements Total Depreciation Beginning Value Ending Value 162,500 150,000 21,000 IX Depreciation -12.300 -2.667 -15.167 Net Farm Income From Operation -103,506 Expenese Cash Expo Truck Expono Chemicals Conservation Custom Hire Employee Benefits Feed Porelased Fertilizer and Lime Freight trucking Fuel, oil Insurance Interest Paid Labor Rent or lease Repair and Maintenance Seed Storag Supplies Taxes Untities Vete Other cash Livestock Purchased Total Cash Expenses Sale of Axel Land Machinery) Cost of value of swt sold Capital Gain and losses Net Farm Icome -103,506 Net Cash Income

Last, you examine your cash receipts and expenses for 2017. You sold the52calves in 2017that had an average weight of700lb/headand the average price was $1.15/lb.You also soldthreecull cows at $0.9/lb at 1,400 lb. You also sold50bales of hay for $85/bale to your neighbor.Finally, you sold all 450-acres of soybeans for $10.25/bu.

Your production expenses were listed as followed.

Truck Expense	$ 1,500.00
Chemicals	$ 42,750.00
Custom Hire	$ 5,400.00
Feed Purchased	$ 500.00
Fertilizer and Lime	$ 18,000.00
Freight, trucking	$ 2,000.00
Fuel, oil	$ 4,050.00
Interest Paid	$16,038
Labor hired	$ 8,400.00
Rent or lease	$28,200.00
Repair and Maintenance	$ 8,550.00
Seed	$ 27,000.00
Supplies	$ 4,500.00
Utilities	$ 3,000.00
Vet Fee	$ 2,500.00