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Income Statement. Record Keeping Curriculum Georgia Department of Education Agricultural Education Written by Jimmy Scott Georgia Ag Ed Curriculum. Uses of an Income Statement. Summarizing revenues and expenses Determining profit or loss Explaining changes in owner equity

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Presentation Transcript
Income statement

Income Statement

Record Keeping Curriculum

Georgia Department of Education

Agricultural Education

Written by Jimmy Scott

Georgia Ag Ed Curriculum


Uses of an income statement
Uses of an Income Statement

  • Summarizing revenues and expenses

  • Determining profit or loss

  • Explaining changes in owner equity

  • Calculating financial measures

    • Profitability

    • Financial efficiency

    • Repayment capacity

  • Supporting loan application for refinancing

1


Operating revenue
Operating Revenue

  • Cash examples of revenue:

    • Cash sales

      • Plants/crops

      • Livestock

      • Services

    • Government payments

    • Custom work receipts

  • Non-cash examples of revenue:

    • Changes in accounts receivable

    • Changes in inventory

      • Crops/plants

      • Livestock

      • Supplies

2


Operating expenses
Operating Expenses

  • Examples of cash operating expenses:

    • Seed

    • Fertilizer

    • Chemicals

  • Examples of non-cash expenses:

    • Depreciation

    • Changes in Operating Inventory

3


Income statement1
Income Statement

+ Change in Operating Inventory

+ Cash Revenues

  • Cash Expenses

    = Net Operating Income

  • Depreciation

    +Gain/Loss sale of capital assets

    = Return to Capital, Labor, & Mgt

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