: Green Farms also had records of their income and expenses. Prepare the income statement that they would need to present to the bank. • Green Farms has Cash Sales of Market Livestock & Crop which totaled $35,000 . During the summer, the barn collapsed, and they received an insurance check for $5,000 • They received a reimbursement check from USDA/NRCS for $8,000 The had the following expenses: Purchased feed @ $2,000 o They paid wages for hired help @ $4,000 o They purchased additional supplies @ $2,500 o They purchased lubricants for the old tractor @ $200 o They paid the farm water bill @ $300 They had depreciation expense @ $00 o The incurred a loss on the sale of a tractor @ $800 Their income tax in the amount of $500 o

: Green Farms also had records of their income and expenses. Prepare the income statement that they would need to present to the bank. • Green Farms has Cash Sales of Market Livestock & Crop which totaled $35,000 . During the summer, the barn collapsed, and they received an insurance check for $5,000 • They received a reimbursement check from USDA/NRCS for $8,000 The had the following expenses: Purchased feed @ $2,000 o They paid wages for hired help @ $4,000 o They purchased additional supplies @ $2,500 o They purchased lubricants for the old tractor @ $200 o They paid the farm water bill @ $300 They had depreciation expense @ $00 o The incurred a loss on the sale of a tractor @ $800 Their income tax in the amount of $500 o

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Description: STEP 2: Green Farms also had records of their income and expenses. Prepare the incomestatement that they would need to present to the bank.Green Farms has Cash Sales of Market Livestock & Crop which totaled $35,000During the summer, the barn collaps

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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N2.