1) Your Total Farm Expense on the Income Statement shows $300,000 and your Value of Farm Production is $305,000. You have no additional Gain/Loss on Sale of Farm Assets or Non-Farm Income. Calculate the Net Income Before Taxes. Round your answer to the nearest dollar.

2)A farmer sold $100,000 worth of grain this year. He had a grain inventory of $20,000 at the beginning of the year. It was $25,000 at the end of the year. What is the farmers true revenue from grain for the year? Round your answer to the nearest dollar.

3)

Which of the following are not included on the Income Statement:

Gross Revenue

Value of Farm Production

Interest Expense

Off-farm Income

All of these are included