University of Maryland Extension

Using an income statement to calculate and project profit

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

Urban Ag home | Table of contents

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.

Previous page: What is enterprise profit?
Next page:
Historical versus projected income statements

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