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WORKSHEET 4T.23

TASK 4

)

PROJECTED INCOME STATEMENT

numbers come from your projected enterprise sales (Worksheet 4T.13) and projected farm expenses (Worksheet 4T.22). Then cal-

culate the net farm income for the strategy being considered by subtracting total expenses from total revenue and adding in any

inventory changes (you can use Worksheet 2T.16: Calculating Depreciation and Inventory Changes to estimate these numbers).

come (Worksheet 2T.14)? Note that if you are considering more than one strategy, you should copy this worksheet and complete

it for each strategy, or download additional copies from the MISA website. Electronic spreadsheets are also available to assist

with these calculations at

TRANSITION

CERTIFIED

YEAR 1

YEAR 2

YEAR 3

YEAR 4

YEAR 5

Enterprise sales (a)

____________

___________

Cooperative distributions (b)

____________

___________

Government payments (c)

____________

___________

Crop insurance proceeds (d)

____________

___________

Custom hire income (e)

____________

___________

Other income (f)

____________

___________

Gross cash farm income

____________

___________

(g) = (a+b+c+d+e+f)

Farm expenses (h)

____________

___________

Inventory change (i)

____________

___________

Net farm income

____________

___________

(j) = (g-h) +/- (i)

How do your farm income projections compare to your current farm income (found on Worksheet 2T.14: Current Income

Statement)?

__________________________________________________________________________________________

_____________________________________________________________________________________________________

133

ORGANIC TRANSITION: A BUSINESS PLANNER FOR FARMERS, RANCHERS AND FOOD ENTREPRENEURS

Projected Income Statement Worksheet

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