Can someone help me fill out the following income statement?

1|Page INCOME STATEMENT AND ANALYSIS II. (10 pts) Assume I.M. Farmer has an accounting period running from January 1 to December 31. Use the following information obtained for the calendar year 2003 accounting period to complete an income statement for I.M. using the attached form. Then complete the calculations on the two pages following the Income Statement. Inventory Values Jan. 1, 2003 $32,850 $19,600 Crops Livestock Dec. 31, 2003 $15,440 $11,500 Revenue and Expenses Depreciation Feed Purchased Property Taxes Misc. Expenses Market Livestock Sold Repairs Fertilizer Exp. Supplies Labor Hired Fuel Expense Gain on mach. sale Change in interest payable 22,700 34,200 3,700 6,800 99,660 13,100 10,100 4,500 20,100 6,900 (23,100) 400 Crops Sold $199,400 Insurance 3,900 Interest Paid 31,400 Feeder Livestock Purch. 36,500 Seed Purchased 5,410 Vet. & Health Expense 5,800 Income from Custom Work 15,700 Gain on Sale of Breeding Stock 17,800 Gov't payment income 18,300 Chemical exp. 8,760 Change in acct. payable (2,400) Other Information Average Asset Value (2003) $765,000 Opportunity Cost of Operator Labor 15,000 Opportunity Cost of Operator Management 10,000 Family Living Expenses Income Tax Paid in 2003 Owner's Equity (1/1/03) $ 42,000 8,700 $278,250 2|Page INCOME STATEMENT: I.M. Farmerl 3|Page Revenue: Cash crop sales Cash livestock sales Inventory changes: Crops Market livestock Livestock product sales Government program payments Change in value of raised breeding stock Gain/loss from sale of culled breeding stock Change in accounts receivable Other farm income Total Revenue Expenses: Purchased feed and grain Purchased market livestock Other cash operating expenses: Crop expenses Livestock expenses Fuel, oil Labor Repairs, maintenance Property taxes Insurance Other: Adjustments Accounts payable Prepaid expenses Depreciation Total operating expenses Cash interest paid Change in interest payable (Accrued Interest) Total interest expense Total Expenses Net farm income from operations Gain/loss on sale of capital assets: Machinery Land Other Net farm income 4|Page Analysis of Income Statement 5|Page