MSU Extension Farm Management

A farm income statement is sometimes called a “profit and loss” statement. This document provides a measure of farm profitability by summarizing revenue and expenses for an accounting or production period.

This document is an Excel based income statement for farm businesses.  It is a fillable document with formulas to assist in calculating totals and providing a “printable” form.  There are two versions available based on: 1) tax view, or 2) production view.  The tax view income statement uses strictly cash transactions for the period. The production view income statement uses both cash transactions and inventory adjustments from balance sheets.

Video recordings that outline the types of information needed in each section of the income statement are also available:

Creating an Income Statement for Your Farm – Walkthrough Videos