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IN C O M E
S TA TE M E N TS
   A g B u s in e s s
  Ma na g e me nt
Original PowerPoint Created by
   S p r i n g 19 9 9
         Mike White
        Modified by
Georgia Agricultural Education
     Curriculum Office
         June, 2002
How do you measure
            performance?
a   Your school work

a   Basketball team

a   Restaurant

a   Greenhouse
Objectives
a   Describe the importance of income
    statements.

a   Identify sources of revenue and expenses.

a   Given a list of transactions, categorize
    revenues and expenses.
Importance of an Income
             Statement

a   Did the business end the year with
    a profit or loss?

a   How much was the profit/loss?
Uses of Income Statement

a Summarize revenues & expenses

a Determine profit/loss

a Explain changes in owner equity
Uses of Income Statement

a Calculate financial measures

a Support loan application
Summary of Revenue & Expenses
a Revenue  = cash receipts from
 product sales or dividends on
 interest income.

 • Short or long term asset sales

 • Inventory adjustments
Examples of Revenues
a   Cash Revenues
    •   Cash sales
    •   Government payments
    •   Custom work receipts
Examples of Revenues
a   Non-cash Revenues
    • Acct. Receivable
    • Changes in inventory
Summary of Revenue & Expenses
a Expenses


 • operating

 • interest

 • non-cash expense adjustment
Examples of Expenses
a   Cash operating
    • seed
    • fertilizer
    • chemicals
Examples of Expenses
a   Non-cash expenses
    • depreciation
    • changes in unused supp., acct. pay., accrued
      int., accrued taxes
Net Income
a Net income = revenue - expenses


  • Net income calculated annually

  • Corresponds with income tax reporting
    dates
Cash Accounting - Income St.


cash revenue -   cash expenses

     = net cash income
Cash Accounting - Income St.

net cash income   -   depreciation

   = net income from operations
Cash Accounting - Income St.

      net income from operation

±   gain/loss on sale of capital assets

              = net income
Accrual Accounting Income
        Statement

          gross revenue
         - cash expenses
           - depreciation
± non-cash expense adjustment
  = net income from operation
Accrual Accounting
        Income Statement

      net income from operations

±   gain/loss on sale of capital assets

              = net income

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Income statements

  • 1. IN C O M E S TA TE M E N TS A g B u s in e s s Ma na g e me nt Original PowerPoint Created by S p r i n g 19 9 9 Mike White Modified by Georgia Agricultural Education Curriculum Office June, 2002
  • 2. How do you measure performance? a Your school work a Basketball team a Restaurant a Greenhouse
  • 3. Objectives a Describe the importance of income statements. a Identify sources of revenue and expenses. a Given a list of transactions, categorize revenues and expenses.
  • 4. Importance of an Income Statement a Did the business end the year with a profit or loss? a How much was the profit/loss?
  • 5. Uses of Income Statement a Summarize revenues & expenses a Determine profit/loss a Explain changes in owner equity
  • 6. Uses of Income Statement a Calculate financial measures a Support loan application
  • 7. Summary of Revenue & Expenses a Revenue = cash receipts from product sales or dividends on interest income. • Short or long term asset sales • Inventory adjustments
  • 8. Examples of Revenues a Cash Revenues • Cash sales • Government payments • Custom work receipts
  • 9. Examples of Revenues a Non-cash Revenues • Acct. Receivable • Changes in inventory
  • 10. Summary of Revenue & Expenses a Expenses • operating • interest • non-cash expense adjustment
  • 11. Examples of Expenses a Cash operating • seed • fertilizer • chemicals
  • 12. Examples of Expenses a Non-cash expenses • depreciation • changes in unused supp., acct. pay., accrued int., accrued taxes
  • 13. Net Income a Net income = revenue - expenses • Net income calculated annually • Corresponds with income tax reporting dates
  • 14. Cash Accounting - Income St. cash revenue - cash expenses = net cash income
  • 15. Cash Accounting - Income St. net cash income - depreciation = net income from operations
  • 16. Cash Accounting - Income St. net income from operation ± gain/loss on sale of capital assets = net income
  • 17. Accrual Accounting Income Statement gross revenue - cash expenses - depreciation ± non-cash expense adjustment = net income from operation
  • 18. Accrual Accounting Income Statement net income from operations ± gain/loss on sale of capital assets = net income