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36 DIRECTIONS First, figure out each item's source as revenue or expense and decide on its appropriate category (e.g. 37 changes in inventory) Next, copy each cash item value into the appropriate "subtotal" column with that item's name in the 38 cell immediately next to the left Repeat the previous step for non- cash items, making the appropriate accrual adjustments for each non- cash item (note the order of 39 adjustment!!!!) Compute the totals for (1) gross revenue, (2) operating expenses, (3) non-operating expenses, (4) gross expenses, (5) NIFO, (6) gain or loss from sale of capital, and (7) 40 net income 41 Ordered Income Statement Edit Type here to search OBEN Font Alignment 1 Income Statement for Period Ending December 31 2019 Item Name Item Value (Beginning of Year) Item Value (End of Year) NA NA NA $ 46,081 12.042 31,429 5,6665 4,500 5 7.845 750 $ 11.000 3,532 4,512 15,800 NA NA NA 298 298 5 Cash livestock sales 6 Depreciation 7 Fuel & oil 8 Change in unused supplies 9 Change in market livestock 10 Purchased feed & grain 11 Change in accounts receivable 12 Farm liability insurance 13 Sold land 14 Cash crop sales 15 Livestock expenses 16 Government program payments 17 Labor 18 Maintainence & repairs 19 Sold machinery 20 Cash interest paid 21 Change in accounts payable 22 Crop expenses 23 Change in prepaid expenses 24 Change in accrued interest NA 21.210 101 010 NA NA NA NA NA 87.500 2,205 3,200 24,510 18,500 187,324 1.244 5,587 25,489 $ NA 7,878 IS Clear Alignment Number Editing N Revenues Expenses: Subtotal Subtotal Cash receipts: Cash operating expenses: Cash livestock sales S 46,081 Prolit Net Income from Operations Capital assets: Inventory changes Gail.ons from sale of capitalasses Adjusted net profit: Net Income Cost adjustments: Total Operating Expenses Non-operating expenses: o e a owo Cost adjustments: Total Operating Expenses Non-operating expenses Total Non-Operating Expenses Gross Revenue Total Expenses

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