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DATE OF STATEMENT FINANCIAL STATEMENT FARMERS AND RANCHERS SUBMITTED BY TELEPHONE NUMBER Proprietorship Partnership SSN OR TAX I. D. NUMBER Corporation LIABILITIES Omit Cents ASSETS Omit Cents CURRENT LIABILITIES Due in 12 months Unsecured Notes Payable to Lenders Schedule 7 Loans Secured by Livestock Schedule 8 CURRENT ASSETS Cash on Hand and in Financial Institutions including checking and savings accounts and certificates of deposits Government Bonds and Securities Other Investments Schedule...1 Farm Products Grain and Feed on Hand Schedule 2 Livestock Schedule 3 All other current assets itemize Loans on Farm Machinery and Automotive Equipment Schedule 9 Other Loans Schedule 10 Accounts Payable hardware feed vet repairs Interest Due and Payable Payroll Taxes Real Estate Taxes Due and Payable Income Taxes Due and Payable Federal and State Income Taxes Estimated for Current Year Federal and State TOTAL CURRENT ASSETS FIXED ASSETS Farm Machinery and Automotive Equipment Farm and Ranch...Lands Less Exception Schedule 5 Other Real Estate Schedule 6 Cash Value of Life Insurance Less Borrowing Other Fixed Assets itemize LONG TERM LIABILITIES Liens on Farm and Ranch Land Schedule 11 Liens on Other Real Estate Schedule 12 All other long Term Debts itemize TOTAL LONG TERM LIABILITIES TOTAL LIABILITIES TOTAL FIXED ASSETS NET WORTH TOTAL ASSETS SCHEDULE 1 NAME OF ISSUER OTHER INVESTMENTS Includes Stocks and Bonds TYPE OF INVESTMENT PURCHASE PRICE MATURITY TOTALS Form 07 0733 1 09/05...CURRENT VALUE Copyright 09/05 American Bank Systems Inc* FARM PRODUCTS FEED AND GRAIN ON HAND QUANTITY BU BALE CWT CROP PER UNIT WHERE STORED TOTAL VALUE LIVESTOCK CLASS NUMBER OF HEAD BREED AVERAGE WEIGHT PER HEAD MARKET FARM MACHINERY AND AUTOMOTIVE EQUIPMENT DESCRIPTION MAKE PRESENT COST DATE ACRES FARM AND RANCH LANDS LEGAL DESCRIPTION show county and state NATURE OF IMPROVEMENTS MARKET VALUE To Be Completed By Creditor TITLE INFORMATION OTHER REAL ESTATE UNSECURED NOTES PAYABLE TO FINANCIAL...INSTITUTIONS NAME OF FINANCIAL INSTITUTION ORIGINAL AMOUNT PURPOSE OF LOAN AMOUNT OWED WHEN DUE REPAYMENT PLAN LENDER LOANS SECURED BY LIVESTOCK SECURED TYPE OWED NO. OF HEAD LOANS ON FARM MACHINERY AND AUTOMOTIVE EQUIPMENT NAME OF LENDER LIENS ON FARM AND RANCH LANDS LIENS ON OTHER REAL ESTATE PROPERTY INSURANCE PROPERTY COVERED PROPERTY INSURANCE COMPANY NAME BUILDINGS GRAIN MACHINE AUTOMOTIVE EQUIP LIABILITY LIFE INSURANCE Indicated by NAME POLICY Any Policy Loans FACE CASH OR LOAN...BENEFICIARY SUPPLEMENTAL INFORMATION LEASE NUMBER OF ACRES LOCATION COUNTY AND STATE OWN DATE LEASED TAXES PAID TO DATE TERM OF LEASE ANNUAL RENTAL DATE PAID TO HAVE YOU ANY CONTINGENT LIABILITIES AS ENDORSER CO-MAKER GUARANTOR LEASES CONTRACTS OR LETTERS OF CREDIT USE SEPARATE SHEET IF MORE SPACE IS NEEDED HAVE YOU ANY PARTNERS IN YOUR BUSINESS NO YES IF YES EXPLAIN IF YES STATE PARTICULARS HAS AN ACTION IN BANKRUPTCY EVER BEEN FILED FOR OR AGAINST YOU Tax Return has been Filed Through MORTGAGE...INTEREST PAID TO DATE HAVE YOU ANY JUDGEMENTS OR SUITS PENDING AT THIS TIME IF YES STATE AMOUNT AND EXPLAIN.

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Understanding the Farm Profit and Loss Form

What is the farm profit and loss form?

The farm profit and loss form is a specialized document designed to help farmers and ranchers track their financial performance over a specified period. This form is essential for assessing the profitability of farming operations by detailed calculations of income and expenses. It provides a clear picture of financial health, enabling better decision-making for future agricultural practices.

Key features of the farm profit and loss form

This form includes several key features that enhance its utility. It typically lists both current and long-term assets and liabilities, helping users to understand their financial position. Additionally, it offers sections for recording various income sources, such as crop sales and livestock sales, alongside expenses related to machinery, veterinary services, and supply costs.

When to use the farm profit and loss form

Farmers should use the farm profit and loss form at the end of each fiscal year or farming season. This timing allows for an accurate reflection of the financial year, enabling farmers to identify profitable areas and those needing improvement. Additionally, it should be used when applying for loans or assistance, as lenders often require documentation of a farm's financial status.

How to fill the farm profit and loss form

Filling out the farm profit and loss form requires a systematic approach. Start by gathering all relevant financial records, including sales receipts, invoices, and expense statements. Then, enter information about total revenues from all sources and categorize expenses accurately. It is important to ensure that all numerical entries are free of errors and that totals are calculated correctly for both income and expenses.

Best practices for accurate completion

To ensure accuracy, farmers should keep detailed records throughout the year. Regularly updating income and expense entries can prevent last-minute scrambles before completing the form. It is also advisable to review the form with a financial advisor or accountant who specializes in agricultural economics, as they can provide insights on maximizing profit and minimizing loss.

Common errors and troubleshooting

Common mistakes when filling out the farm profit and loss form include miscalculating totals, omitting categories of income or expense, and using incorrect current values for assets. To troubleshoot these errors, it is best to double-check each entry against financial records and perform a thorough review before finalizing the document. This approach can help avoid discrepancies that could impact financial assessments.