Agriculture Reference
In-Depth Information
Table 12.1
Income statement for Brookstone Feed and Grain, year ending December 31,
2009
Income/Expenses
Dollars
Percent
Gross Sales:
Grain and Soybeans
8,146,000
Fertilizer and Chemicals
2,213,000
Feed
1,810,000
Seed
670,500
Miscellaneous Supplies
402,300
Service Income
268,200
Gross Sales
13,510,000
Less Returns, Allowances, and Discounts
100,000
(a)
Net Sales
13,410,000
100.00
(b)
Cost of Goods Sold:
Grain and Soybeans
7,556,900
Fertilizer and Chemicals
1,791,420
Feed
1,534,380
Seed
511,650
Miscellaneous Supplies
330,650
Service Expense
0
Total Cost of Goods Sold
11,725,000
87.43
(c)
Gross Profi t (Margin)
1,685,000
12.57
(d)
Operating Expenses:
(e)
Salaries and Benefi ts
210,000
1.57
(f)
Full-time Wages
166,000
1.24
(g)
Part-time Wages
10,400
0.08
(h)
Commissions
42,740
0.32
(i)
Depreciation
290,000
2.16
(j)
Maintenance and Repairs
58,000
0.43
(k)
Utilities
56,990
0.42
(l)
Insurance
71,200
0.53
(m)
Offi ce Supplies/Expense
26,820
0.20
(n)
Advertising/Promotion
6,400
0.05
(o)
Gas and Oil
48,600
0.36
(p)
Delivery and Freight
156,710
1.17
(q)
Rent
6,300
0.05
(r)
Taxes, Licenses, Fees
48,160
0.36
(s)
Miscellaneous
3,300
0.02
(t)
Payroll Tax
10,900
0.08
(u)
Bad Debt
3,290
0.02
(v)
Total Operating Expenses
1,215,810
9.07
(w)
Net Operating Income
469,190
3.50
(x) Other Revenue
18,200
0.14
(y)
Interest Expense
230,840
1.72
(z)
Net Income Before Taxes
256,550
1.91
(aa)
Taxes
59,900
0.45
(bb) Net Income After Taxes
196,650
1.47
