Use the beginning and ending balance sheets and an income statementas you calculate the following for the year 2012:

Net cash farm income: $ 164,333 Gross cash farm income: $ 744,333

Beginning asset value: $1,233,550 Ending asset value: $1,298,000

Beginning equity: $ 846,225 Ending equity: $ 868,000

Interest expense: $ 30,000 Capital asset change: $ -87,280

Inventory change: $ 0 $15,000 unpaid labor & $15,000 unpaid management

How much was your total revenue for 2012?

A.$1,233,550

B.$744,333

C.$164,333

How much was your total cash farm expense for 2012?

A.$164,333

B.$681,892

C.$580,000

What was your operating profit?

A.$77,053

B.$194,333

C.$254,333

D.$164,333

The rate of return on assets for 2012 was?

A. 13%

B. 10%

C. 18%

D. 6%

True or False: The rate of return on equity is larger than the rate of return on assets for your farm in the year 2012