University of Maryland Extension

Using an income statement to calculate and project profit

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

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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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Tags: 
From Surviving to Thriving: Strategies for Urban Farmer Success
Economic assessment and risk management
income statement
profit and loss statement
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