help please create an income statement for q1
making an income/profitability sheet using the information listed under q1
a. You want to measure profitability of your farm from 2021. Put together an income statement from 2021 (Jan 1, 2021-December 31, 2021) using the information below. Import your income statement into a Word document. *Remember you will need to calculate Gross Revenue, Total Operating Expenses, Total Interest Expense, Total Expense, Net Farm Income from Operations and Net Income. 19pts - Depreciation Expenses total $49,700 - Purchased feed for $115,000 - Sold 230 yearling steers with an average weight of 1,100 lbs for \$145/cwt - Sold 90,000 bushels of corn for $7.30/ bu - Labor expenses totaled $340,000 - Grain Inventory - January 1,2021: 30,600 bushels @ \$7.36/bu - December31,202129,400 bushels @ \$7.20/bu - Value of Raised Breeding Livestock increased by $3,900 - Purchased corn seed for $90,000 - Utilities totaled \$32,900 - Insurance totaled $83,500 - Paid $65,000 for land lease - Sold 4,200 tons of alfalfa for $190/ ton - Sold backhoe - Book Value: $167,500 - Market Value: $145,000 - Supplies January 1, 202I totaled $18,600 December 31,2021 totaled $12,500 - Fuel totaled $77,900 - Interest Expenses totaled \$64,800 - Sold 300 weaned calves averaging 520lbs for $170/ cwtb. Q2. 3 pts Discuss the difference between a cash and accrual accounting system and how that impacts the Income Statement Q3. 3 pts What is the purpose of the income statement? HW2_IncomeStatement_Depreciat... Q1. 23 pts total a. You want to measure profitability of your farm from 2021. Put together an income statement from 2021 (Jan 1, 2021-Docember 31, 2021) asing the information below. Import your income statcment into a Woed document. * Remember you will necd to calculate Gross Revenuc, Tosal Operating Expenses, Total Interest Expense, Total Expense, Net Farm Income from Operations and Net Income, 19 pts - Depreciation Expenses total \$49,700 + Purchased feed for $115,000 - Sold 230 yearling steers with an average weight of 1,100 Ifos for S145icwt - Sold 90,000 bushels of coma for $7,30 bu - Labor expenses totaled $340,000 - Grain Inventory - January 1, 2021:30,600 bushels a 97,36 ba a December 31,2021,29,400 bushels ,57,20 bu - Value of Raised Breeding Livestock increased by $3,900 + Purchased com seed for $90,000 - Utilities totaled \$32,900 - Insurance totaled \$83,500 - Paid \$65,000 for land lease - Sold 4,200 tons of alfalfa for 5190 ton + Sold backhoe - Book Value: $167,500 - Market Value: $145,000 + Supplics January 1, 2021 totaled $18,600 December 31,2021 totaled 512,500 - Fuel totaled \$77,900 - Interest Expenses totaled 564,800 - Sold 300 weaned calves averaging 520 lbs for $170 cutb. Q2. 3 prs Discuss the difference between a cash and accrual accounting systern and how that impacts the Income Statement Q3. 3 prs What is the purpose of the income statement? Q3. 3 pts What is the purpose of the income statement? Q4. 3 piss How does depreciation impact the income statement? In other words, where do we see depreciation on the income statement? Q5. 9 ptr tatal You are preparing an income statement for the year 2021. Before you finish. you need to make accrual adjustments to the following accounts. For each change listed below a. Make the appropriate change and calculate the value that should appear on the income statement. 2 pts tiil Indicate where on the income statement you sbould record the change. I pt 4. Accounts Receivable: - Value on January 1, 2021: $6,200 - Value on Decernber 31, 2021: 5900 Value on Income Statement: Location on Income Statement: b. Acceunts Payable: - Value on January 1, 2021: \$1,600 - Value on December 31, 2021: \$17,450 Value on Income Statement: Location on Inceme Statement: a. You want to measure profitability of your farm from 2021. Put together an income statement from 2021 (Jan 1, 2021-December 31, 2021) using the information below. Import your income statement into a Word document. *Remember you will need to calculate Gross Revenue, Total Operating Expenses, Total Interest Expense, Total Expense, Net Farm Income from Operations and Net Income. 19pts - Depreciation Expenses total $49,700 - Purchased feed for $115,000 - Sold 230 yearling steers with an average weight of 1,100 lbs for \$145/cwt - Sold 90,000 bushels of corn for $7.30/ bu - Labor expenses totaled $340,000 - Grain Inventory - January 1,2021: 30,600 bushels @ \$7.36/bu - December31,202129,400 bushels @ \$7.20/bu - Value of Raised Breeding Livestock increased by $3,900 - Purchased corn seed for $90,000 - Utilities totaled \$32,900 - Insurance totaled $83,500 - Paid $65,000 for land lease - Sold 4,200 tons of alfalfa for $190/ ton - Sold backhoe - Book Value: $167,500 - Market Value: $145,000 - Supplies January 1, 202I totaled $18,600 December 31,2021 totaled $12,500 - Fuel totaled $77,900 - Interest Expenses totaled \$64,800 - Sold 300 weaned calves averaging 520lbs for $170/ cwtb. Q2. 3 pts Discuss the difference between a cash and accrual accounting system and how that impacts the Income Statement Q3. 3 pts What is the purpose of the income statement? HW2_IncomeStatement_Depreciat... Q1. 23 pts total a. You want to measure profitability of your farm from 2021. Put together an income statement from 2021 (Jan 1, 2021-Docember 31, 2021) asing the information below. Import your income statcment into a Woed document. * Remember you will necd to calculate Gross Revenuc, Tosal Operating Expenses, Total Interest Expense, Total Expense, Net Farm Income from Operations and Net Income, 19 pts - Depreciation Expenses total \$49,700 + Purchased feed for $115,000 - Sold 230 yearling steers with an average weight of 1,100 Ifos for S145icwt - Sold 90,000 bushels of coma for $7,30 bu - Labor expenses totaled $340,000 - Grain Inventory - January 1, 2021:30,600 bushels a 97,36 ba a December 31,2021,29,400 bushels ,57,20 bu - Value of Raised Breeding Livestock increased by $3,900 + Purchased com seed for $90,000 - Utilities totaled \$32,900 - Insurance totaled \$83,500 - Paid \$65,000 for land lease - Sold 4,200 tons of alfalfa for 5190 ton + Sold backhoe - Book Value: $167,500 - Market Value: $145,000 + Supplics January 1, 2021 totaled $18,600 December 31,2021 totaled 512,500 - Fuel totaled \$77,900 - Interest Expenses totaled 564,800 - Sold 300 weaned calves averaging 520 lbs for $170 cutb. Q2. 3 prs Discuss the difference between a cash and accrual accounting systern and how that impacts the Income Statement Q3. 3 prs What is the purpose of the income statement? Q3. 3 pts What is the purpose of the income statement? Q4. 3 piss How does depreciation impact the income statement? In other words, where do we see depreciation on the income statement? Q5. 9 ptr tatal You are preparing an income statement for the year 2021. Before you finish. you need to make accrual adjustments to the following accounts. For each change listed below a. Make the appropriate change and calculate the value that should appear on the income statement. 2 pts tiil Indicate where on the income statement you sbould record the change. I pt 4. Accounts Receivable: - Value on January 1, 2021: $6,200 - Value on Decernber 31, 2021: 5900 Value on Income Statement: Location on Income Statement: b. Acceunts Payable: - Value on January 1, 2021: \$1,600 - Value on December 31, 2021: \$17,450 Value on Income Statement: Location on Inceme Statement
