Worksheet 2. Example
| Average number of cows per year |
100 |
| Total cwt milk sold for the year |
20,000 |
| Schedule F line number and description |
Farm total |
Per cwt |
| Farm income |
| 1. Sales of livestock bought for resale |
|
|
| 2. Cost or other basis of line 1 |
|
|
| 3. Subtract line 2 from line 1 |
|
|
| 4. Sales of farm products |
|
|
| a. Milk sales |
290,000 |
14.50 |
| b. Crop sales |
5,000 |
0.25 |
| c. Cattle sales |
11,000 |
0.55 |
| Total of lines 5b + 6b + 7 + 8 + 9 + 10 |
14,000 |
0.70 |
| 11. Gross Income (lines 3 to 10) |
320,000 |
16.00 |
| Farm expenses |
| 12. Car and truck expenses |
1,000 |
0.05 |
| 13. Chemicals |
8,000 |
0.40 |
| 14. Conservation expenses |
0 |
0.00 |
| 15. Custom hire |
7,000 |
0.35 |
| 16. Depreciation |
28,000 |
1.40 |
| 17. Employee benefits |
1,000 |
0.05 |
| 18. Feed purchased |
90,000 |
4.50 |
| 19. Fertilizer and lime |
10,000 |
0.50 |
| 20. Freight and trucking |
10,000 |
0.50 |
| 21. Gasoline, fuel, and oil |
5,000 |
0.25 |
| 22. Insurance (other than health) |
3,000 |
0.15 |
| 23a + 23b. Interest |
10,000 |
0.50 |
| 24. Labor hired |
18,000 |
0.90 |
| 25. Pension and profit-sharing |
0 |
0.00 |
| 26a + 26b. Rent or lease |
12,000 |
0.60 |
| 27. Repairs and maintenance |
20,000 |
1.00 |
| 28. Seeds and plants purchased |
7,000 |
0.35 |
| 29. Storage and warehousing |
0 |
0.00 |
| 30. Supplies purchased |
14,000 |
0.70 |
| 31. Taxes |
2,000 |
0.10 |
| 32. Utilities |
7,000 |
0.35 |
| 33. Veterinary, breeding, and medicine |
14,000 |
0.70 |
| 34. Other expenses |
13,000 |
0.65 |
| 35. Total (lines 12 to 34) |
280,000 |
14.00 |
| 36. Net farm profit |
40,000 |
2.00 |