has an accounting period running from January 1 to Dec e I.M. Farmer 4 Assume Use the following information obtained for the calendar year 2014. I.M.Farmer Income Statement December 31,2014 Cash crop sales 91 Cash livestock sales Inventory changes: 7,410 12,900 Crops Market livestock Livestock product sales Government program payments Gain/loss from sale of culled breeding stock Change in accounts receivable Other farm income Total revenue 8,890 7,600 4,700 307,940 Purchased feed and grain Purchased market livestock Other cash operating expenses: 21,200 46,500 9,400 9,780 6,410 4,800 5,800 22,600 12,100 3,400 3,800 4,800 5,800 Fertilizer expense Chemical expense Seed purchased Vet. & health expenses Fuel, oi Labor Repairs, maintenance Property taxes Insurance Supplies Misc. expenses Adjustments Accounts payable Depreciatiorn 1,400 28,900 Total operating expenses Cash interest paid Change in interest payable 186,690 33,400 2,400 Total interest expense Total expenses Net farm income from operations Gain/loss on sale of capital assets 31,000 217,690 90,250 Machinery Land 11,100 Total Net farm income 11,100 101,350