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{"sheet":"Home","index":0,"n_rows":47,"n_cols":1,"rows_kept":47,"cut":false,"hidden":false,"merged":[[19,0,24,13],[7,0,7,8],[46,0,48,8],[25,0,29,13]]}
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["Instructions"]
["Use the yellow shaded cells found on the Income Statement tab to fill in values for each category. "]
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["Each section will be subtotaled and automatically calculated in the orange shaded cells on the Income Statement tab."]
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["Enter data in the yellow shaded cells only. "]
["Orange shaded cells will be calculated automatically from numbers entered in yellow shaded cells. "]
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["Options"]
["Users may create either a personal or a consolidated income statement. "]
["Users may create an income statement using either projected values or actual values."]
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["Accounting Methods"]
["Two basic accounting methods exist for determining net income. Most farmers use cash accounting to compute income taxes. Cash accounting requires only single entry record keeping, which is achieved through maintaining receipts for income and expenses. Under the cash method, receipts and expenses are reported for the period during which cash or money actually changes hands. If feed is purchased and used during one accounting period, but not paid for until the next accounting period, the feed expense is not recorded until it is paid in the next accounting period. Here, profits are overstated during the first period and understated during the next accounting period. Reliance on cash income figures can delay recognition of financial problems."]
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["The accrual method more accurately reports net income and is better for financial analysis. However, accrual accounting requires double-entry bookkeeping, which is more complicated. Accrual accounting “matches” associated expenses to revenue as they are earned. The Farm Financial Standards Council recommends that farm financial statements be developed using “accrual adjusted” accounting, a compromise between cash and accrual methods. Accrual adjusted financial statements are based on cash records with accrual adjustments to revenue (e.g., changes in inventories, accounts receivable, and prepaid expenses) and expenses (e.g., accounts payable, accrued taxes, and interest)."]
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["OCES Fact Sheets"]
["AGEC-753, Developing an Income Statement"]
["AGEC-751, Developing a Cash Flow Statement"]
["AGEC-752, Developing a Balance Sheet"]
["AGEC-791, Schedule of Assets"]
["AGEC-323, Valuation of Raised Breeding Livestock"]
["AGEC-935, Capital Leases"]
["AGEC-302, Farm Record Systems Available to Oklahoma Farmers"]
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["Additional Spreadsheet Tools"]
["OSU spreadsheet tools"]
["beefextension.com tools"]
["KSU spreadsheet tools"]
["ISU spreadsheet tools"]
[]
["Disclaimer: This spreadsheet is provided by the Oklahoma Cooperative Extension Service for educational use and is provided solely on an “AS IS” basis. Oklahoma Cooperative Extension Service assumes no liability for the use of these programs. "]

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["Income Statement","* Please fill in the yellow shaded cells. Orange shaded cells will fill in automatically. "]
["Name: "]
["Covering the period: "]
["Business type (consolidated or personal) : ","* BS=Balance Sheet"]
["Actual or Projected: ","* CF=Cash Flow Statement "]
[]
["Revenue ","Locate from","Value "]
["    1) Sales of Livestock Bought for Resale ","CF1"]
["    2) Sale of Livestock Products ","CF2"]
["    3) Livestock Sales (raised) ","CF3"]
["    4) Change in Market Livestock inventories ","BS 5C"]
["  5) GROSS REVENUE FROM MARKET LIVESTOCK AND PRODUCTS","(1+2+3+4)",{"$f":"SUM(C8:C11)","v":0}]
[]
["    Crop Sales"]
["        6 a) ","CF4"]
["        7 b) ","CF5"]
["    8) Change in Stored Crops/Feed Inventories ","BS 6C"]
["  9) GROSS REVENUE FROM CROPS ","(6+7+8) ",{"$f":"SUM( C15:C17)","v":0}]
[]
["    10) Ag Program Payments ","CF6 "]
["    11) Other Farm Income ","CF7"]
["    12) Patronage Dividends ","CF8"]
["    13) Gain or Loss from Sale of Culled Breeding Stock "]
["    14) Change in Value Due to Change in Quantity of Raised Breeding Livestock "]
["    15) +/- Change in Accounts Receivable ","BS 2C"]
["    16) +/- Change in Other Current Assests ","BS 9C"]
["    17) +/- Change in Contracts & Notes Receivable ","BS 19C "]
["    18) +/- Change in Investment in Cooperatives ","BS 20C "]
["    19) GROSS OTHER FARM REVENUE ","Sum 10-19",{"$f":"SUM( C20:C28)","v":0}]
[]
["20) Gross Farm Revenue ","(5+9+19)",{"$f":"(C12+C18+C29)","v":0}]
[]
["Expenses "]
["    21) Purchased Market Livestock ","CF 40"]
["    22) Car, truck ","CF 17"]
["    23) Chemicals","CF 18"]
["    24) Custom Hire","CF 20 "]
["    25) Purchased Feed/Grain ","CF 22"]
["    26) Fertilizers, Lime ","CF 23"]
["    27) Freight, Trucking ","CF 24"]
["    28) Gas, Fuel, Oil ","CF 25"]
["    29) Insurance","CF 26"]
["    30)  Labor Hired","CF 27"]
["    31) Rents, Leases ","CF 29"]
["    32) Repairs, Maintenance ","CF 30"]
["    33) Seeds, Plants ","CF 31"]
["    34) Storage, Warehousing ","CF 32"]
["    35) Supplies","CF 33"]
["    36) Taxes (Ad Valorem) ","CF 34"]
["    37) Utilities","CF 35"]
["    38) Vet, Breeding Fees, Medicine ","CF 36"]
["    39) Other Expenses ","CF 37"]
["    40) Marketing Expenses ","CF 38"]
["    41) Sale Commission ","CF 39"]
["    42) +/- Change in Prepaid Expenses ","-(BS 3C)"]
["    43) +/- Change in Cash Investment Growing Crops ","-(BS 4C)"]
["    44) +/- Change in Supplies","-(BS 8C)"]
["    45) +/- Change in Purchased Feed Inventories ","-(BS 7C)"]
["    46) +/- Change in  Accounts Payable ","BS 30C"]
["    47) +/- Change in  Ad Valorem Taxes","BS 34C"]
["    48) +/- Change in Employee Payroll Withholding Taxes","BS 35C"]
["    49) +/- Change in Other Accrued Expenses ","BS 38C"]
["    50) +/- Change in Other Current Liabilities ","BS 39C"]
["    51) +/- Change in Other Non-Current Liabilities ","BS 47C"]
["    52) Depreciation Expense "]
["    53) TOTAL OPERATING EXPENSES ","Sum lines 21-52",{"$f":"SUM(C34:C65)","v":0}]
[]
["    54) Cash Interest Paid ","CF ( 49+51+53+66) "]
["    55) +/- Change in Accrued Interest ","BS 33 C"]
["    56) TOTAL INTEREST EXPENSE ","(54+55) ",{"$f":"(C68+C69)","v":0}]
[]
["57) Total Farm Expenses ","(53+56) ",{"$f":"(C66+C70)","v":0}]
[]
["58) Net Farm Income From Operations ","(20-57) ",{"$f":"(C31-C72)","v":0}]
["    59) Gain/Loss on Sale of Farm Capital Assets "]
["    60) Gain/Loss Due to Change in Base Values of Breeding Livestock "]
[]
["61) Net Farm Income, Accrual Adjusted ","(58+59+60)",{"$f":"(C74+C75+C76)","v":0}]
[]
["Non Farm Revenue "]
["    62) Wages, Salaries","CF 13"]
["    63) Other Non-Farm Income","CF (14+15) "]
["    64) +/- Change in Nonfarm Assets ","BS (11C+12C+13C+25C+26C+27C) "]
["    65) TOTAL NON FARM REVENUE ","(62+63+64) ",{"$f":"SUM(C81:C83)","v":0}]
[]
["Non Farm Expenses "]
["    66) Cash Interest Paid ","CF 55"]
["    67) +/- Change in Accrued Interest ","BS 41 C"]
["    68) Depreciation Expense"]
["    69) Other Cash Payments ","CF 48"]
["    70) TOTAL NON FARM EXPENSES","(66+67+68+69) ",{"$f":"SUM(C87:C90)","v":0}]
[]
["    71) Gain/Loss on Sale of Non Farm Capital Assets & Marketable Securities "]
[]
["72) Total Non Farm Income ","(65-70+71)",{"$f":"(C84-C91)+C93","v":0}]
[]
["73) Income before Taxes & Extraordinary Items ","(61+72)",{"$f":"(C78+C95)","v":0}]
["    74) Cash Income Taxes Paid","CF 46"]
["    75) Change in Accrued Income Taxes","BS 36 C"]
["    76) Change in Current Portion of Deferred Taxes","BS 37 C"]
["    77) TOTAL INCOME TAX EXPENSE ","(74+75+76)",{"$f":"SUM(C98:C100)","v":0}]
[]
["    78) Income before Extraordinary Items ","(73-77)",{"$f":"(C97-C101)","v":0}]
["    79) Extraordinary Items (Net of Tax) "]
[]
["Net Income ","(78+79)",{"$f":"(C103+C104)","v":0}]