Acquiring and Organizing Management Information Homework #3 Management in Agriculture/ARE211 Calculate the Net Farm Income (profit) comparing cash and accrual accounting methods for the year 2007. Benton County Bent Seed Brothers, Inc. This grass seed operation has an accounting period that follows a fiscal year (Jan. 1 thru Dec. 31). Month/Year October 2006 Transaction Purchased, paid for, and applied fertilizer and planted grass seed for the year 2007 crop. $30,500 April 2007 July 2007 September 2007 Paid for fuel & supplies. Paid labor S15,000 December 2007 Sold one-half of bent grass for $40,00,remaining half in storage. Paid custom applicator to spray and fertilize. $15,000 Purchased & charged fuel & harvest supplies. $6,500 March 2008 Sold remaining half of year 2007 bent grass for $40,000