The balance sheet indicates the financial position of the farm business at a particular point in time. The balance sheet shows what is owned versus what is owed. The difference between what is owned and owed represents the owner’s claim to the assets of the business, or owner’s equity. A projected cash flow statement summarizes expected cash requirements of the business for a future period of time. The income statement shows the profitability of the business for a particular period of time, usually a year, and is used to analyze the financial success of the business. Farm records provide information useful in completing the set of financial statements.
Organization |
Ohio State University Extension |
Publisher |
Oklahoma State University |
Publication Views |
1804 |
Material Type |
Written Material |