Income Statement - PowerPoint PPT Presentation

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Income Statement

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  1. Income Statement Record Keeping Curriculum Georgia Department of Education Agricultural Education Written by Jimmy Scott Georgia Ag Ed Curriculum

  2. 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

  3. 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

  4. Operating Expenses • Examples of cash operating expenses: • Seed • Fertilizer • Chemicals • Examples of non-cash expenses: • Depreciation • Changes in Operating Inventory 3

  5. 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 4

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