please help with this income statement! like the format below! thank you!
Ramona Rancher has an accounting period from January 1" to December 31. Use the following information to complete an income statement for Ramona and evaluate the income statement. Inventory Values January 1 2018 December 31" 2018 Crops $32,850 $27,440 Livestock $17,600 $29,500 O Revenue and Expenses Depreciation $26,700 Crop sold $169,800 Feed Purchased $19,800 Insurance $3,800 Prop. Taxes $3,400 Interest paid $36,400 Misc. Expenses $4,800 Feeder livestock Purchased $46,500 581,660 Seed purchased $6,240 Market Livestock sold Repairs $12,100 Vet. and health expenses $4.800 Fertilizer Expenses $9,400 Custom work (income) $3,400 Supplies $4,800 Breeding.livestock sale gain) S4,600 Labor Hired $20,600 Govt. payments (income) $9,890 Fuel Expenses $5,800 Chemical expense $6,780 Gain on Machinery sale $9,100 Charger payable -$1,400 Depreciation $26,700 Crop sold Styles $169,800 Feed Purchased $19,800 Insurance $3,800 Prop. Taxes $3,400 Interest paid $36,400 $4,800 Misc. Expenses Market Livestock sold $81,660 Repairs $12,100 Fertilizer Expenses $9,400 Feeder livestock Purchased $46,500 Seed purchased $6,240 Vet. and health expenses $4.800 Custom work (income) $3,400 Breeding.livestock sale(gain) S4,600 Govt. payments (income) 59,890 Chemical expense $6,780 Change in payable +$1,400 Supplies $4,800 Labor Hired $20,600 Fuel Expenses $5,800 Gain on Machinery sale $9,100 Change in interest payable ($3,400) Other Information Average. Asset Value (12/31/18) $785,000 $38,000 Opportunity cost of Labor Family living expense Income tax paid $24,000 $10,700 Opportunity cost of Management $12,000 Average Owner's Equity (12/31/18) $394,000 Opportunity cost of Capital 9% D F G $ $ 1 1 $ A B C E 1 Ramona Rancher Income Statement 2 Income(Revenuel 3 4 Crop Sales 5 Livestock Sales 6 Livestock Product Sales 7 Inventory Changes: 8 Crop 9 Livestock 10 Custom Work 11 Gov. Payments 12 Change in value of raised breeding livestock 13 Sale of breeding livestock 14 Change in recievables 15 Other income 16 17 Gross/Total Revenue 18 19 Expenses 20 Purchased feed 21 Purchased Livestock 22 Other Cash Expenses 23 Crop 24 Seed 25 Fert. & Chem 26 Livestock 27 Fuel Oil 28 Labor 29 Repairs 30 Taxes 31 Insurance 32 Supplies Other 34 Total Cash Expenses 35 Adjustments 36 Payables 37 Prepaid expenses 38 Depreciation 39 Total Operating Expenses 40 41 Interest paid 33 $ & 14 Change in recievables 15 Other income 16 17 Grossi Total Revenue 18 19 Expenses 20 Purchased feed 21. Purchased Livestock 22 Other Cash Expenses 23 Crop 24 Seed 25 Fert. & Chem 26 Livestock 27 Fuel, Oil 28 Labor 29 Repairs 30 Taxes 31 Insurance 32 Supplies 33 Other 34 Total Cash Expenses 35 Adjustments 36 Payables 37 Prepaid expenses 38 Depreciation 39 Total Operating Expenses 40 41 Interest paid 42 Change in interest payable Total Interest expense 44 45 Total Expenses 46 47 Net Farm Income from Operations 48 Gain Loss on sale of Capital Assets 49 Machinery 50 Land 51 Other 52 Net Farm Income $ $ $ $
