Income Statement Walkthrough Videos

January 31, 2024

The income statement provides a measure of the profitability of a farm or business over a specific period of time.  While a tax year income statement can be created, the preferred version is based on the farm’s production year.  A production year income statement shows all of the income and expenses from inventories and cash transactions for your farm.

The following videos outline differences between tax year or production year viewpoints and how to create an income statement.