Developing Your FinancialStatements and Measures
1
Trade Adjustment Assistance for Farmers
Developing Your Financial Statements and Measures
Developing Your Financial Statements and Measures
• Business plan
– Business description
– Operations plan
– Marketing plan
– Management and organization plan
2
Developing Your Financial Statements and Measures
• Business plan
– Business description
– Operations plan
– Marketing plan
– Management and organization plan
–Financial plan
Developing Your Financial Statements and Measures
Dale Nordquist Bob CravenAssociate Director DirectorCenter for Farm Financial Mgmt Center for Farm Financial Mgmt University of Minnesota University of [email protected] [email protected]
Developing Your Financial Statements and Measures
3
• Financial toolkit
– Balance sheet
• Assets = Liabilities + Net Worth
– Income statement
• Cash vs. accrual
– Cash flow plan
– Some key ratios and measures
Gathering the Information
Gathering the Information
• Balance Sheet – Getting Started
– Accounting system generated
– Copy from a lender
– FINPACK Lite
• www.cffm.umn.edu/finpacklite
– Balance Sheets provided in the resource section
4
Assets Liabilities
Current (< 1 year) Current
Non-current Non-Current
Total liabilities
Net worth
Total assets Total Liabs + Net worth
Balance Sheet
Assets Liabilities
Current (< 1 year) Current
Non-current Non-Current
Total liabilities
Net worth
Total assets Total Liabs + Net worth
Balance Sheet
Cash accountsCrop inventoriesLivestock held for salePrepaid expenses SuppliesAccounts receivable
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Assets Liabilities
Current (< 1 year) Current
Non-current Non-Current
Total liabilities
Net worth
Total assets Total Liabs + Net worth
Balance Sheet
Accounts payableAccrued expensesOperating loansPrincipal due on term debt
Assets Liabilities
Current (< 1 year) Current
Non-current Non-Current
Total liabilities
Net worth
Total assets Total Liabs + Net worth
Balance Sheet
Breeding livestockMachinery and equipmentFarm vehiclesBuildingsLandCo-op equity
6
Assets Liabilities
Current (< 1 year) Current
Non-current Non-Current
Total liabilities
Net worth
Total assets Total Liabs + Net worth
Balance Sheet
Loans with an original term of greater than 1 year
Gathering the Information
• Entity types
– Sole proprietor
– Partnerships
– Corporations
– LLCs
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Assets Liabilities
Current (< 1 year) Current
Non-current Non-Current
Personal Personal
Total liabilities
Net worth
Total assets Total Liabs + Net worth
Balance Sheet
Gathering the Information
• Entity types
– Sole proprietor
– Partnerships
– Corporations
– LLCs
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Gathering the Information
• Characteristics of a good balance sheet
– Consistency
– Accuracy
– Completeness
Asset Valuation
• Market
– Assets valued at a conservative market value adjusted for selling costs
• Cost or book value
– Assets valued at original cost minus depreciation
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Balance Sheet
• Key figures to track from year to year
– Net worth
– Working capital (current assets – current liabilities)
Income Statement
• Measures profitability over a period of time
• Tax schedules
– Farms – Schedule F
– Partnership or corporate forms
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Income Statement
• Problems with tax statements
– Cash based
– Tax rules that distort income
– Fast depreciation
Cash vs. Accrual
• Accrual Income Statement
– Includes all income earned, whether received or not
– Includes all expenses incurred, whether paid or not
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Schedule F Income
Income StatementGross income (Schedule F, line 11) 246,099
+ Cost of feeder livestock sold (line 2)
- Crop insurance reported (line 8b)
+ Crop insurance received (line 8a)
- Crop insurance deferred (line 8d)
+ Cull livestock income
Gross cash income
12
Schedule F Income
Income StatementGross income (Schedule F, line 11) 246,099
+ Cost of feeder livestock sold (line 2) 25,354
- Crop insurance reported (line 8b)
+ Crop insurance received (line 8a)
- Crop insurance deferred (line 8d)
+ Cull livestock income
Gross cash income
13
Schedule F Income
Income StatementGross income (Schedule F, line 11) 246,099
+ Cost of feeder livestock sold (line 2) 25,354
- Crop insurance reported (line 8b) -0
+ Crop insurance received (line 8a) 1,354
- Crop insurance deferred (line 8d) -950
+ Cull livestock income
Gross cash income
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Income StatementGross income (Schedule F, line 11) 246,099
+ Cost of feeder livestock sold (line 2) 25,354
- Crop insurance reported (line 8b) -0
+ Crop insurance received (line 8a) 1,354
- Crop insurance deferred (line 8d) -950
+ Cull livestock income 11,449
Gross cash income 283,306
Ending Current Assets
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Income Statement
Gross cash income 283,306
End Inv Beg Inv
Crops and feed 40,880
Livestock held for sale 41,025
Accounts receivable 13,650
Hedging accounts -
Other inventory 35,987
Gross revenue (accrual)
Income Statement
Gross cash income 283,306
End Inv Beg Inv
Crops and feed 40,880 36,590
Livestock held for sale 41,025 42,158
Accounts receivable 13,650 11,557
Hedging accounts - -
Other inventory 35,987 35,255
Gross revenue (accrual)
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Income Statement
Gross cash income 283,306
End Inv Beg Inv
Crops and feed 40,880 36,590 4,290
Livestock held for sale 41,025 42,158 -1,133
Accounts receivable 13,650 11,557 2,093
Hedging accounts - - -
Other inventory 35,987 35,255 732
Gross revenue (accrual) 289,288
Schedule F Expenses
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Income Statement
Total expense (sched F, line 35) 234,446
Purchases of feeder livestock and other items for resale 28,228
Depreciation
Account Beg Inv End Inv
Prepaid expenses and supplies
Growing crops
Account End Inv Beg Inv
Accounts payable
Accrued expenses
Total operating expense (accrual)
Schedule F Expenses
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Income Statement
Total expense (sched F, line 35) 234,446
Purchases of feeder livestock and other items for resale 28,228
Depreciation -38,435
Account Beg Inv End Inv
Prepaid expenses and supplies
Growing crops
Account End Inv Beg Inv
Accounts payable
Accrued expenses
Total operating expense (accrual)
Ending Current Assets
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Income Statement
Total expense (sched F, line 35) 234,446
Purchases of feeder livestock and other items for resale 28,228
Depreciation -38,435
Account Beg Inv End Inv
Prepaid expenses and supplies 22,245 18,720 3,525
Growing crops - - -
Account End Inv Beg Inv
Accounts payable
Accrued expenses
Total operating expense (accrual)
Ending Current Liabilities
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Income Statement
Total expense (sched F, line 35) 234,446
Purchases of feeder livestock and other items for resale 28,228
Depreciation -38,435
Account Beg Inv End Inv
Prepaid expenses and supplies 22,245 18,720 3,525
Growing crops - - -
Account End Inv Beg Inv
Accounts payable 5,998 1,904 4,094
Accrued expenses 2,726 2,837 -111
Total operating expense (accrual)
Income Statement
Total expense (sched F, line 35) 234,446
Purchases of feeder livestock and other items for resale 28,228
Depreciation -38,435
Account Beg Inv End Inv
Prepaid expenses and supplies 22,245 18,720 3,525
Growing crops - - -
Account End Inv Beg Inv
Accounts payable 5,998 1,904 4,094
Accrued expenses 2,726 2,837 -111
Total operating expense (accrual) 231,747
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Ending Capital Assets
Income Statement
Gross revenue (accrual) 289,288
Total operating expense (accrual) 231,747
Total Value % Depr
Machinery depreciation
Vehicle depreciation
Building deprecation
Breeding livestock replacements
Total expense (accrual)
Net farm income (accrual)
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Income Statement
Gross revenue (accrual) 289,288
Total operating expense (accrual) 231,747
Total Value % Depr
Machinery depreciation 141,464 10% 14,146
Vehicle depreciation 5,905 15% 886
Building deprecation 122,908 5% 6,145
Breeding livestock replacements
Total expense (accrual)
Net farm income (accrual)
Income Statement
Gross revenue (accrual) 289,288
Total operating expense (accrual) 231,747
Total Value % Depr
Machinery depreciation 141,464 10% 14,146
Vehicle depreciation 5,905 15% 886
Building deprecation 122,908 5% 6,145
Breeding livestock replacements -
Total expense (accrual)
Net farm income (accrual)
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Income Statement
Gross revenue (accrual) 289,288
Total operating expense (accrual) 231,747
Total Value % Deprc
Machinery depreciation 141,464 10% 14,146
Vehicle depreciation 5,905 15% 886
Building deprecation 122,908 5% 6,145
Breeding livestock replacements -
Total expense (accrual) 252,925
Net farm income (accrual) 36,363
Income Statement
• Net income (accrual)
– Return to unpaid labor and management and equity capital
– Amount the business earned during the period
– Amount available for owner withdrawals (family living) and taxes
– If it exceeds owner withdrawals and taxed, net worth will grow
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Cash Flow Planning
• A cash flow’s a cash flow, so here we go!!!
• A good plan will help you react to change
• Base your plan on:
– Historical production/catch levels
– Prices based on the best information you have
– Past expense levels updated for changing conditions
Cash Flow Plan
• Typical year cash flow plan
– Ignores inventories
– Sell one year’s production/catch
– Pay one year’s bills
– Will not include impact of unusual inventory situations
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Cash Flow Plan
• Actual cash flow plan
– Includes sales from inventory and production
– Forecast ending inventories and sell the rest
– Interpret change in inventory as well as cash flow
– Try to match ending inventories to beginning, if possible
Cash Flow Plan
• Entity issues again
– Business only?
– Family living expensesand other personal items?
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Annual, Monthly, or Something In-Between
• Monthly
– More complicated
– More accurate
– Project short term operating loan needs
– Forces you to think your plan through
– Computer program or spreadsheet highly suggested
Cash Flow Plan
• Operating credit
– Include borrowings and payments, or
– Operating credit is the residual
• Cash deficits are assumed borrowed
• Cash surpluses are assumed paid against any outstanding operating loan
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Cash Flow Plan
• Cash inflows
– Normal cash sales
– Other cash income
– Capital sales
– New borrowings
– Non-business wages and salaries
– Beginning cash
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Cash Flow Plan
• Cash outflows
– Cash business expenses
– Purchase of resale items(inventory/feeder livestock)
– Capital purchases
– Loan payments
– Family living expenses
– Beginning cash
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Cash Flow Plan
Total annual cash inflow
- Total annual cash outflow
= Net cash flow
Calculating Ratios and Measures
• Benchmark against yourself
– Previous years
• Benchmark against others
– www.finbin.umn.edu
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Calculating Ratios and Measures
• Liquidity
– Measures ability towithstand short termfinancial downturns
Calculating Ratios and Measures
• Liquidity measures
– Current ratio
Total current assets 109,201
÷ Total current liabilities 71,978
= Current ratio 1.52 : 1
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Calculating Ratios and Measures
• Liquidity measures
– Working capital to gross revenue
Total current assets 109,201
- Total current liabilities 71,978
= Working capital 37,223
Gross revenue (accrual) 289,288
Working capital to gross revenue 13 %
Calculating Ratios and Measures
• Solvency
– Measures relationship between total assets, liabilities, and net worth
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Calculating Ratios and Measures
• Solvency measures
– Debt to Equity Ratio
Total liabilities 191,587
÷ Net worth (owner’s equity) 539,105
= Debt to Equity Ratio 0.36 : 1
Calculating Ratios and Measures
• Solvency measures
– Debt to Asset Ratio
Total liabilities 191,587
÷ Total assets 730,691
= Debt to Asset Ratio 26 %
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Calculating Ratios and Measures
• Profitability
– Measures ability of the business to produce earnings
Calculating Ratios and Measures
• Profitability measures
– Net income
Net Income 36,409
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Calculating Ratios and Measures
• Profitability measures
– Rate of return on assets (ROA)
Net income 36,409
+ Interest expense 14,424
- Value of unpaid labor & management 30,000
÷ Total business assets 680,529
= Rate of Return on Assets 3.1%
Calculating Ratios and Measures
• Profitability measures
– Rate of return on equity (ROE)
Net income 36,409
- Value of unpaid labor & management 30,000
÷ Total business net worth 491,646
= Rate of Return on Equity 1.3%
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Calculating Ratios and Measures
• Repayment Capacity
– Measures ability of the business to cover debt payments
Calculating Ratios and Measures
• Repayment capacity measures
– Term debt coverage ratio
Net income 36,409
+ Depreciation 21,177
+ Interest on term (non-current) debt 8,196
+ Personal income 19,942
Family living expense 52,681
= Debt repayment capacity 33,043
÷ Scheduled non-current debt payments 30,672
= Term debt coverage ratio 1.08 : 1
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Calculating Ratios and Measures
• Efficiency
– Measures effectiveness of cost control in relation to revenue
Calculating Ratios and Measures
• Efficiency measures
– Operating expense ratio
Total expense (accrual) 252,925
- Interest expense 14,424
- Depreciation expense 21,177
= Total operating expense 217,324
÷ Gross revenue (accrual) 289,288
= Operating expense ratio 75%
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Trade Adjustment Assistance for Farmers
Developing Your Financial Statements and Measures
Thank You
Dale Nordquist Bob CravenAssociate Director DirectorCenter for Farm Financial Mgmt Center for Farm Financial Mgmt University of Minnesota University of [email protected] [email protected]
David HillCenter Director and Certified Business CounselorMaine Small Business Development CentersCoastal Enterprises, Inc.Wiscasset, [email protected]
ValuePer Unit
Value PerUnit
CURRENT FARM ASSETSCash and checking balance (schedule A)
Prepaid expenses and supplies (schedule B)
Growing crops (schedule C)
Accounts receivable (schedule D)
Hedging accounts (schedule E)
Other current assets (schedule F)
Crops
Crops Under Government Loan (schedule R)
Market Livestock
Total Current Farm AssetsINTERMEDIATE FARM ASSETSBreeding Lvstk
Farm Machinery & EquipmentTitled VehiclesOther Intermediate Assets
Total Intermediate Farm AssetsLONG TERM FARM ASSETSFarm Land
Farm BuildingsOther Long Term Assets
Total Long Term AssetsTOTAL FARM ASSETSNONFARM ASSETS (schedule P)
TOTAL ASSETS (a) (b)
FINPACK Balance Sheet
CURRENT FARM LIABILITIESAccrued interest (sum below)
Accounts payable and other accrued expenses
Current loans
Government Crop LoansPrincipal due within 12 months on term loans (sum below)
Total Current Farm LiabilitiesINTERMEDIATE
Total Intermediate Farm LiabilitiesLONG TERM
Total Long Term Farm LiabilitiesTOTAL FARM LIABILITIESNONFARM LIABILITIES (schedule V)
Net WorthTotal Farm and Nonfarm LiabilitiesDeferred Tax Liabilities (c)
TOTAL LIABILITIES (d) (e)
Retained Earnings / Contributed Capital [a - d]
NET WORTH [b - e]
Valuation Method
I certify that the statements made by me on this balance sheet are true, complete and correct to the best of my knowledge and belief.
Signature(s)
Market ValueCost ValueBoth
Date
NAME: DATE:
Quantity
Value
Number
Amount
Balance
P & IPayment
FinalYear
PrincipalDue
Long TermBalance
ValuePer Acre
CostValue
MarketValueAcres
ValuePer Head
CostValue
MarketValue
Avg.WeightNumber
FinalYear
PrincipalDue
IntermediateBalance
AnnualOperating
PrincipalBalance
AccruedInterest
P & IPayment
MonthDue
InterestRate
PrincipalBalance
AccruedInterest
PrincipalBalance
Cost Market
InterestRate
AccruedInterest
P & IPayment
MonthDue
InterestRate
MonthDue
Schedule R: Crops Under Government LoanCrop
Total crops under government loanSchedule P: Nonfarm AssetsSavings and checkingStocks and bondsOther current assets
Household furnishings and appliancesNonfarm vehiclesCash value of life insuranceRetirement accounts and IRA'sOther intermediate assets
Nonfarm real estateOther long term assets
Total nonfarm assetsSchedule V: Nonfarm LiabilitiesNonfarm accrued interest (sum from below)
Accounts payable and other accrued expenses
Principal due within 12 months on term loansLoansCurrent
Intermediate
Long term
Total nonfarm liabilities
Schedule A: Cash and Checking
Total cash and checkingSchedule B: Prepaid Expenses & Supplies
Total prepaid expenses and suppliesSchedule C: Growing Crops
Total growing cropsSchedule D: Accounts Receivable
Total accounts receivableSchedule E: Hedging Accounts
Total hedging accountsSchedule F: Other Current Assets
Total other current assets
Balance
Amount
MarketCost
Quantity ValueValue
Land - Legal Description LandlordAcres
Total Crop Type Of Lease
Other Items - Description Owner Number of Units Type Of Lease
AnnualCash Rent
PaymentDate(s)
ExpirationDate
AnnualPayment
PaymentDate(s)
ExpirationDate
Rental And Lease Information
LoanRate
InterestRate
MonthEntered
YearEntered
ValuePer Unit
PrincipalDue
FinalYear
InterestRate
AccruedInterest
PrincipalBalance
P & IPayment
MonthDue
Machinery and Equipment
Description Model Year
VIN/Serial No. Year Purchase
Percent Ownership
Cost Value Market Value
Machinery and Equipment
SCHEDULE F (Form 1040)
Department of the Treasury Internal Revenue Service (99)
Profit or Loss From Farming▶ Attach to Form 1040, Form 1040NR, Form 1041, Form 1065, or Form 1065-B.
▶ See Instructions for Schedule F (Form 1040).
OMB No. 1545-0074
2010Attachment Sequence No. 14
Name of proprietor Social security number (SSN)
A Principal product. Describe in one or two words your principal crop or activity for the current tax year. B Enter code from Part IV▶
C Accounting method: (1) Cash (2) Accrual
D Employer ID number (EIN), if any
E Did you “materially participate” in the operation of this business during 2010? If “No,” see instructions for limit on passive losses. Yes No
Part I Farm Income—Cash Method. Complete Parts I and II (Accrual method. Complete Parts II and III, and Part I, line 11.) Do not include sales of livestock held for draft, breeding, sport, or dairy purposes. Report these sales on Form 4797.
1 Sales of livestock and other items you bought for resale . . . . . . 1
2 Cost or other basis of livestock and other items reported on line 1 . . . 2
3 Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Sales of livestock, produce, grains, and other products you raised . . . . . . . . . . . . 4
5a Cooperative distributions (Form(s) 1099-PATR) . . 5a 5b Taxable amount 5b
6a Agricultural program payments (see instructions) 6a 6b Taxable amount 6b
7 Commodity Credit Corporation (CCC) loans (see instructions):
a CCC loans reported under election . . . . . . . . . . . . . . . . . . . . . . 7a
b CCC loans forfeited . . . . . . . . . 7b 7c Taxable amount 7c
8 Crop insurance proceeds and federal crop disaster payments (see instructions):
a Amount received in 2010 . . . . . . . 8a 8b Taxable amount 8b
c If election to defer to 2011 is attached, check here ▶ 8d Amount deferred from 2009 8d
9 Custom hire (machine work) income . . . . . . . . . . . . . . . . . . . . . 9
10 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) . . . . . 10
11 Gross income. Add amounts in the right column for lines 3 through 10. If you use the accrual method to figure your income, enter the amount from Part III, line 51 . . . . . . . . . . . . . . ▶ 11
Part II Farm Expenses—Cash and Accrual Method. Do not include personal or living expenses such as taxes, insurance, or repairs on your home.
12
Car and truck expenses (see
instructions). Also attach Form 4562 12
13 Chemicals . . . . . . 13
14 Conservation expenses (see instructions) 14
15 Custom hire (machine work) . 15
16
Depreciation and section 179 expense deduction not claimed elsewhere (see instructions) . 16
17
Employee benefit programs other
than on line 25 . . . . . 17
18 Feed . . . . . . . 18
19 Fertilizers and lime . . . 19
20 Freight and trucking . . . 20
21 Gasoline, fuel, and oil . . . 21
22 Insurance (other than health) 22
23 Interest:
a Mortgage (paid to banks, etc.) 23a
b Other . . . . . . . 23b
24 Labor hired (less employment credits) 24
25 Pension and profit-sharing plans 25
26 Rent or lease (see instructions):
Vehicles, machinery, and equipment . . . . . . .
a 26a
b Other (land, animals, etc.) . . 26b
27 Repairs and maintenance . . 27
28 Seeds and plants . . . . . 28
29 Storage and warehousing . . 29
30 Supplies . . . . . . . 30
31 Taxes . . . . . . . . 31
32 Utilities . . . . . . . . 32
33 Veterinary, breeding, and medicine 33
34 Other expenses (specify):
a 34a
b 34b
c 34c
d 34d
e 34e
f 34f
35 Total expenses. Add lines 12 through 34f. If line 34f is negative, see instructions . . . . . . . ▶ 35
36 Net farm profit or (loss). Subtract line 35 from line 11. Partnerships, see instructions.
}• If a profit, enter the profit on both Form 1040, line 18, and Schedule SE, line 1a; on Form 1040NR, line 19; or on Form 1041, line 6. 36
• If a loss, you must go to line 37.
37
If you have a loss, you must check the box that describes your investment in this activity and whether you
received any applicable subsidy (see instructions). }• If you checked 37a, enter the loss on both Form 1040, line 18, and Schedule SE, line 1a; on Form 1040NR, line 19; or on Form 1041, line 6.
37a All investment is at risk and you did not receive a subsidy.
37b Some investment is not at risk or you received a subsidy.• If you checked 37b, your loss may be limited. See instructions.
For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 11346H Schedule F (Form 1040) 2010
Schedule F (Form 1040) 2010 Page 2Part III Farm Income—Accrual Method (see instructions).
Do not include sales of livestock held for draft, breeding, sport, or dairy purposes. Report these sales on Form 4797 and do not include this livestock on line 46 below.
38 Sales of livestock, produce, grains, and other products . . . . . . . . . . . . . . . . 38
39a Cooperative distributions (Form(s) 1099-PATR) . . 39a 39b Taxable amount 39b
40a Agricultural program payments . . . . . . 40a 40b Taxable amount 40b
41 Commodity Credit Corporation (CCC) loans:
a CCC loans reported under election . . . . . . . . . . . . . . . . . . . . . . 41a
b CCC loans forfeited . . . . . . . . . 41b 41c Taxable amount 41c
42 Crop insurance proceeds . . . . . . . . . . . . . . . . . . . . . . . . 42
43 Custom hire (machine work) income . . . . . . . . . . . . . . . . . . . . . 43
44 Other income, including federal and state gasoline or fuel tax credit or refund . . . . . . . . . 44
45 Add amounts in the right column for lines 38 through 44 . . . . . . . . . . . . . . . 45
46
Inventory of livestock, produce, grains, and other products at beginning of the year . . . . . . . . . . . . . . . . . . . . . 46
47
Cost of livestock, produce, grains, and other products purchased during the year . . . . . . . . . . . . . . . . . . . . . . 47
48 Add lines 46 and 47 . . . . . . . . . . . . . . . . . 48
49 Inventory of livestock, produce, grains, and other products at end of year . 49
50 Cost of livestock, produce, grains, and other products sold. Subtract line 49 from line 48* . . . . . 50
51 Gross income. Subtract line 50 from line 45. Enter the result here and on Part I, line 11 . . . . . ▶ 51
*If you use the unit-livestock-price method or the farm-price method of valuing inventory and the amount on line 49 is larger than the amount on line 48, subtract line 48 from line 49. Enter the result on line 50. Add lines 45 and 50. Enter the total on line 51 and on Part I, line 11.
Part IV Principal Agricultural Activity Codes
▲!CAUTION
File Schedule C (Form 1040) or Schedule C-EZ (Form 1040) instead of Schedule F if (a) your principal source of income is from providing agricultural services such as soil preparation, veterinary, farm
labor, horticultural, or management for a fee or on a contract basis, or (b) you are engaged in the business of breeding, raising, and caring for dogs, cats, or other pet animals.
These codes for the Principal Agricultural Activity classify farms by their primary activity to facilitate the administration of the Internal Revenue Code. These six-digit codes are based on the North American Industry Classification System (NAICS).
Select the code that best identifies your primary farming activity and enter the six digit number on page 1, line B.
Crop Production111100 Oilseed and grain farming111210 Vegetable and melon farming
111300 Fruit and tree nut farming111400 Greenhouse, nursery, and floriculture production111900 Other crop farming
Animal Production112111 Beef cattle ranching and farming112112 Cattle feedlots112120 Dairy cattle and milk production112210 Hog and pig farming112300 Poultry and egg production112400 Sheep and goat farming112510 Aquaculture112900 Other animal production
Forestry and Logging113000 Forestry and logging (including forest nurseries and
timber tracts)
Schedule F (Form 1040) 2010