University of Maryland Extension

Historical versus projected income statements

Author: 
Dale M. Johnson, Extension Specialist, Farm Management
Post date: 
Oct 21, 2019

Urban Ag home | Table of contents

Income statements should be constructed for both historical analysis of farm profits and projecting future profits. The past year is always a good baseline for projecting profits for the next year. Figure 1 illustrates an income statement for an example farm. It records the historical income, expenses, and profit for the past year and projections for the coming year.

Previous page: Using an income statement to calculate and project profit
Next page: Example farm income statement

Tags: 
From Surviving to Thriving: Strategies for Urban Farm Success
Economic assessment and risk management
income statement
Brought to you by: 

Urban Agriculture

We embody the University's land-grant mission with a commitment to eliminate hunger, preserve our natural resources, improve quality of life, and empower the next generation through world-class education.
Maintained by the IET Department of the College of Agriculture and Natural Resources. © 2021. Web Accessibility

University programs, activities, and facilities are available to all without regard to race, color, sex, gender identity or expression, sexual orientation, marital status, age, national origin, political affiliation, physical or mental disability, religion, protected veteran status, genetic information, personal appearance, or any other legally protected class. If you need a reasonable accommodation to participate in any event or activity, please contact your local University of Maryland Extension Office.