Keeping Ag Records. Road to FFA Degrees and Awards. Why are records kept?. Inflow and outflow of money Determine earnings Observe financial progress Determine which enterprises are profitable Income taxes Management Decisions Future Planning FFA Degrees and Awards. What is a Budget ?.
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Road to FFA Degrees and Awards
10 acres of land renting at $30/acre
3 acre-feet of water at $5/acre-foot
seed at $5/cwt...... planted at 70#/acre
Fertilizer at $2.20/acre
Pest control $4/acre
Sale of grain at $3/bu at 25 bu/acre
sale of straw at $10/acre
finance charges: borrow $400 with 10% interest/yr for 6 months
10 feeder steers @300# each at$70/cwt......
facilities rent: 6 1/2 months @$10/month
20 hrs labor @ $4/hr
9 tons hay @ $60/ton
10 tons grain @ $80/ton
pest control @ $2/head
machinery cost @ $10/hr , 3 hrs
Sale 10 hd weighing 800# @ $85/cwt.......
sale 10 ton manure @ $3/ton
finance charge: $2000 loan for 6 months @ 10% interest
end of calendar year or production cycle
Gain or Loss
(Income + Inventory) - Expenses