University of Maryland Extension

Historical versus projected income statements

Author: 
Dale M. Johnson, Extension Specialist, Farm Management

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

Maintained by the IET Department of the College of Agriculture and Natural Resources. © 2020. Web Accessibility