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Farm Financial Management and Recordkeeping Exercise Solutions:
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Session 1:
- Exercise 1 - Completing a simple balance sheet, and identification of assets and liabilities.
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Exercise 2 - Completing Farm Business Plan FSA Form # 2037. (Balance Sheet)
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Exercise 3 - Complete an income statement for Arnold Ziphel Farms
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Mock Farm Assignment - Complete FSA form 2037 (Balance Sheet) using Mock Farm facts for Anderson Farm.
Session Two:
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Exercise 4 - Calculate Actual Production Averages.
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Exercise 5 - Identify the correct order for the 6 step process for setting a projection for the upcoming year.
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Exercise 6 - Using the provided schedule F portion of the tax
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Mock Farm Assignment - Complete FSA form 2038 (Income Statement page 1 & 2) using Mock Farm facts for the Anderson Farm.
Session Three:
- Exercise 7 - Calculate ratios using Mike Harris with FSA forms 2037 and 2038
Additional Blank Forms:
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FSA Form 2038 - Farm business plan worksheet, Projected/Actual Income and Expenses.
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