University of Maryland Extension

Using an income statement to calculate and project profit

Dale M. Johnson, Extension Specialist, Farm Management

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To calculate your farm profit from the past year or project the profit for the coming year, you summarize income and expenses on an income statement or projected income statement, sometime called profit-and-loss statement or statement of activities. The income statement should cover a given accounting period, usually the calendar production year.

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Historical versus projected income statements

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