Only questions 3, 4, 5, and 6 please

INCOME STATEMENT AND ANALYSIS Assume I.M. Farmer has an accountino nerind runnins from lanuarv 1 to December 31. Use the follc :omplete an income stat 1 ie last two pages. Analysis of Income Statement (SHOW WORK WHERE NEEDED) 1. What was Net Farm Income from Operations? \$ 2. What was Net Farm Income? $ 3. Compute Return to Management: \$ 4. Compute Return to Labor: $ 5. Compute Return on Assets: (\%) . 6. What is Return on Equity (in \%) ? 7. What is the Operating Profit Margin Ratio? 8. Compute the Asset Turnover Ratio which is Total Revenue divided by Total Assets. What is the value and how do you interpret it? 9. How much did I.M. Farmer's equity increase or decrease during 2007? \$ 10. What was I.M.'s equity on January 1,2007 ? 11. Value of Farm Production is a concept defined as Total Revenue minus livestock purchased minus feed purchased. What was I.M's Value of Farm Production for 2007? 12. What does Value of Farm Production Measure? INCOME STATEMENT AND ANALYSIS Assume I.M. Farmer has an accountino nerind runnins from lanuarv 1 to December 31. Use the follc :omplete an income stat 1 ie last two pages. Analysis of Income Statement (SHOW WORK WHERE NEEDED) 1. What was Net Farm Income from Operations? \$ 2. What was Net Farm Income? $ 3. Compute Return to Management: \$ 4. Compute Return to Labor: $ 5. Compute Return on Assets: (\%) . 6. What is Return on Equity (in \%) ? 7. What is the Operating Profit Margin Ratio? 8. Compute the Asset Turnover Ratio which is Total Revenue divided by Total Assets. What is the value and how do you interpret it? 9. How much did I.M. Farmer's equity increase or decrease during 2007? \$ 10. What was I.M.'s equity on January 1,2007 ? 11. Value of Farm Production is a concept defined as Total Revenue minus livestock purchased minus feed purchased. What was I.M's Value of Farm Production for 2007? 12. What does Value of Farm Production Measure