ag buisness

what are the three most commonly used financial statemants.

• balance sheet

• income statement

• cash flow projection

• farm credit system

long term asset

• items you keep for over 7 years

• items you keep for over 9 years

• debts

• you get your money quickly

intermediate liabilities

• vato

• obligations owed to others due in 1 to 6 years

• debts owed to others

• includes all debts

long term liability

• obligations owed to others

• vato

• include all debts

• debts owed to others that are due more than 7 years

current assets

• typically kept for 7 years

• can be converted to cash within a normal operating cycle.

• include all debts and obligations

• income statement

examples of income

• livestock sales

• crop sales

• custom work

• rent

examples of exspenses

• fuel

• insurance

• supllies

• crop sales

cash outflows

• loan payments

• crop inventory sales

• living exspenses

• repairs, fuels

cash inflows

• capital purchases

• off farm income

• custom work income

• crop inventory sales

loans

• real estate

• livestock loans

• life insurance

• operating loans