Rural Services of Indiana, Inc.

 Exercise Solutions and Examples


Session 1:

      • Exercise 1 - Completing a simple balance sheet, and identification of assets and liabilities.
      • Exercise 2 - Completing Farm Business Plan FSA Form # 2037. (Balance Sheet)

      • Exercise 3 - Complete an income statement for Arnold Ziphel Farms

      • Mock Farm Assignment - Complete FSA form 2037 (Balance Sheet) use Anderson Farm Facts. See Exercise  2 Solution for an example.

Session Two:

      • Exercise 4 - Calculate Actual Production Averages.

      • Exercise 5 - Identify the correct order for the 6 step process for setting a projection for the upcoming year.

      • Exercise 6 - Using the provided schedule F portion of the tax 

      • Mock Farm Assignment Example - Complete FSA form 2038 (Income Statement page 1 & 2) using Mock Farm facts for the Anderson Farm. 

Session Three:

      • Exercise 7 - Calculate ratios using Mike Harris with FSA forms 2037 and 2038
         

Additional Blank Forms:

      • FSA Form 2037 - Farm business plan worksheet, Balance Sheet

      • FSA Form 2038 - Farm business plan worksheet, Projected/Actual Income and Expenses.