2. Calculate 2015 net farm income under cash and accrual accounting. November 2014: Purchase fertilizer for the 2015 crop, $7,000. March 2015: Purchased other inputs for the 2015 crop, $28,000. October 2015: Charged to account fuel for machinery, $1,500. November 2015: Harvest crop. Sell half for $30,000. Put other half in storage at a value of $30,000. January 2016: Pay bill for fuel ($1,500). April 2016: Sell remaining crop for $29,000. Net farm income under cash accounting Net farm income under accrual accounting 2015 Income and Expenses crop sale inventory total revenue fertilizer other inputs machinery fuel total expenses net farm income Cash Accounting Accrual accounting