A farm income statement (sometimes called a profit and loss statement) is a summary of income and expenses that occurred during a specified accounting period, usually the calendar year for farmers. It is a measure of input and output in dollar values. It offers a capsule view of the value of what your farm produced for the time period covered and what it cost to produce it. Preparation and analysis of such statements are addressed in this fact sheet.
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Iowa State University Extension |
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Iowa State University |
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Written Material |