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 Front Cover
 Introduction
 Land inventory
 Back Cover














Title: Ten year inventory and depriciation record
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Permanent Link: http://ufdc.ufl.edu/UF00084330/00001
 Material Information
Title: Ten year inventory and depriciation record
Series Title: Ten year inventory and depriciation record
Physical Description: Book
Creator: Colette, W. Arden.
Publisher: Food and Resource Economics Department, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida
 Record Information
Bibliographic ID: UF00084330
Volume ID: VID00001
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 227111089

Table of Contents
    Front Cover
        Front Cover
    Introduction
        Page i
        Page ii
        Page iii
    Land inventory
        Page 1
        Page 2
        Page 3
        Page 4
        Page 5
        Page 6
        Page 7
        Page 8
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
        Page 16
        Page 17
        Page 18
        Page 19
        Page 20
        Page 21
        Page 22
        Page 23
        Page 24
        Page 25
        Page 26
        Page 27
        Page 28
        Page 29
        Page 30
        Page 31
        Page 32
        Page 33
        Page 34
        Page 35
        Page 36
        Page 37
        Page 38
        Page 39
        Page 40
        Page 41
        Page 42
        Page 43
        Page 44
    Back Cover
        Page 45
Full Text

Circular 439


Ten-Year

INVENTORY AND DEPRECIATION

RECORD

For Year-to-Year Use with
Annual Farm Income and Expense Record


D


Name

Address


Food and Resource Economics Department
Florida Cooperative Extension Service
Institute of Food and Agricultural Sciences
University of Florida, Gainesville
John T. Woeste, Dean for Extension


INDEX
Page
Directions .......... Inside
Cover


Land
Inventory ..............1


Machinery and
Equipment ........... .. 2


Purchased
Livestock ..............18


Buildings and
Improvement ...........26


Livestock
Inventory .............30


Crops, Feed, Seed
and Supplies .........


..34


Cash and Accounts
Receivable.............38


Accounts and Notes
Payable .............


..38


Net Worth.............40


Cash Flow .............42









TEN YEAR INVENTORY AND
DEPRECIATION RECORD
W. Arden Colette*

INTRODUCTION
This record book is designed to provide a con-
venient ten year record of inventories, depreciation,
financial condition and income and expense sum-
maries. The information recorded is needed by the
farmer in preparing income tax returns, evaluating
economic growth, preparing financial statements,
determining credit needs and preparing credit
applications.
INVENTORY
An annual farm inventory is important in de-
termining the present financial condition of a
farmer, providing information for planning, credit
applications, insurance needs, making property
and rental settlements, and preparing a net worth
statement. The day selected as the inventory date
should coincide with the tax year. Most farmers
choose December 31. Whatever day is selected, it
should be used consistently from year to year.
There are two steps in the inventory process: the
actual count of numbers and quantities and the
valuation. The valuation is easier and best results
are obtained when the inventory of growing crops
and livestock is usually low on the selected date.
All of the necessary inventory information can
be recorded in this book. The amount of land
owned and rented and its value is recorded in
Land Inventory on page 1. This record should be
kept in pencil so that year to year changes can be
made. The inventory of machinery and equipment
is kept with the depreciation record under Machin-
ery and Equipment Inventory and Depreciation
Record, page 2. The number and value of livestock
is recorded in Livestock Inventory on page 30.
Since depreciation can be claimed on livestock
purchased for work, breeding or dairy purposes,
this information is separated out under Purchased
Livestock Inventory and Depreciation Record,
page 18. A record of the buildings and equipment
and their values is kept in the Building and Improve-
ment Inventory and Depreciation Record, page 26.
The Inventory of Crops, Feed, Seed, and Supplies,
page 34, records the year to year carryover of un-
sold or growing crops, feed, seed and unused sup-
plies. The financial inventories, which include cash-
on-hand, savings, accounts receivable, accounts pay-
able, and mortgages, reflect the change in cash posi-
tion from year to year under Cash and Accounts
Receivable and Accounts and Notes Payable, page
38.
Valuation of the Inventory. Valuation methods
should be consistent. Inventory taken at the end
of one year is used as the beginning inventory for
the next year. Quantities and prices should be


estimated as accurately as possible so that the re-
sulting values will be accurate. Different methods
of valuation are used for different items. Land
values are usually estimated by applying either
market value or by discounting future returns.
Machinery, equipment, buildings and improve-
ments are usually valued at purchase cost minus
depreciation. This will usually give a conservative
estimate since inflation generally causes the sale
value of used machinery to be higher than the
depreciated value. Livestock, crops, and grown
feed and seed can be valued at either market
price or farm price. The farm price or value at the
farm is more accurate. The farm value should be
approximately equal to market price less market-
ing cost. Purchased feed, seed and supplies are
usually valued at cost or market value, whichever
is lower.
*Assistant Professor Extension Economics, Food and Resource
Economics Department, University of Florida, Gainesville, Florida.
DEPRECIATION
In figuring farm income for tax purposes, de-
preciation is computed to allow the farmer to
recover the capital expenditure which has been
made for machinery, equipment, livestock pur-
chased for work, breeding or dairy; farm build-
ings; improvements and other property which will
be used in the farming operation for more than a
one-year period. The total cost may not be deduct-
ed as an expense in the year of purchase. However,
the farmer is entitled to deduct a reasonable allow-
ance for the exhaustion or wear and tear of prop-
erty, or for property which is out-dated. This
amount is deducted as depreciation for property
used in business or held for the production of
income.
The depreciation deduction lets the farmer re-
cover his investment in depreciable property over
the period of its useful life. If depreciable prop-
erty is acquired or disposed of during the year,
regular depreciation is allowable for only the part
of the year during which the asset is owned. De-
preciation must be subtracted from the basis of
the property, to determine gain or loss upon its
sale or other disposition, regardless of whether
depreciation deduction is claimed. The gain on
disposition of depreciable property may have to
be reported as ordinary income to the extent of
depreciation taken.
Depreciation must be taken in the year it occurs.
The farmer cannot deduct in one year allowable
depreciation not taken in a prior year. This is one
reason it is so important to keep good records.
Without a record of depreciable assets, one of
them may be overlooked in figuring the deprecia-
tion deduction.
DEPRECIABLE PROPERTY. The deduction for
depreciation is allowed only for property used in
trade or business or held for the production of








income. This means depreciation cannot be taken
on a personal residence, its furnishing, an auto
used for personal purposes only, and other items
so used. The property must have a limited and
determinable life. Land is never depreciable since
its useful life is indefinite.
USEFUL LIFE. The first step in figuring deprec-
iaton is to determine the estimated useful life,
in business, of each item on the depreciation
schedule. There is no average useful life that is
recognized as applying to all farms. The useful life
depends upon the period the item will be used in
business, and may be affected by factors such as
the amount of use, age when acquired, policy on
repairs and upkeep, climate, and other condi-
tions. The farmer should determine the useful
life of his depreciable property on the basis of his
particular operating conditions and experience.
If the farmer has little experience for a particular
item of property, the general experience of farm-
ing operations in his area will form an adequate
basis for determination.
COST BASIS OR ORIGINAL COST. The basis for
determining depreciation is the same as the basis
used to determine the gain if property is sold.
Usually, the basis of property is its original cost.
If the property is materially improved, the addi-
tional costs are added to the basis. If casualty
losses are sustained, the basis must be reduced.
When a trade-in is involved, the cost basis of the
new item is equal to the depreciable balance
remaining on the trade-in plus the cash difference
paid. The depreciation deduction is never deter-
mined by reference to replacement cost.
INVESTMENT TAX CREDIT. Depreciable tan-
gible personal property or other tangible property
(except buildings or their structural components)
which has a useful life of at least three years, is
used in the farm business and is placed in service
during the year may qualify for investment tax
credit. Since the qualifying characteristics, limi-
tations and amount of credit are subject to change,
it is desirable to consult the current Farmers Tax
Guide or other tax information for the current
regulations.
SALVAGE VALUE. This is the amount the farmer
expects to get when he sells a depreciable item.
The farmer's own practice has a great deal to do
with the amount of estimated salvage value. If his
policy is to dispose of assets while they are still
in good working condition, the salvage value
probably will be a substantial amount. But if an
asset is used for substantially the entire period of
its useful life, the salvage value will probably be no
more than junk value.
In no case may the total amount of depreciation
deducted over the estimated useful life of the prop-
erty be more than the adjusted basis less salvage
value.


10% SALVAGE VALUE REDUCTION. If, during
the year, new or used tangible personal property
(other than livestock) with a useful life of three
years or more is acquired, salvage value may be
reduced by any amount up to 10% of the full ad-
justed basis of the property when acquired. If the
anticipated salvage value is less than 10% of the
original basis, then it can be disregarded and the
total basis depreciated.
ADDITIONAL FIRST-YEAR DEPRECIATION.
Under certain conditions, any taxpayer, except a
trust, may elect to deduct an additional first-year
depreciation allowance on new or used tangible
personal depreciable property (including livestock).
This property must have a useful life in business of
six or more years at the time of purchase. Real
property does not qualify for this allowance. This
additional allowance may be taken only in the first
tax year a depreciation deduction is allowable on
such property. Information on dollar limitations
should be obtained from the current Farmer's
Tax Guide.
Even though the property was not owned for
the full year, the maximum allowance for the
additional first-year depreciation may be taken.
After taking this allowance, the farmer may also
take the regular depreciation he is entitled to for
the year, computed after adjusting the basis of
the property for the first-year allowance and such
other things as salvage value.
Trees in orchards or groves do not qualify for
additional first-year depreciation.
Real property which does not qualify includes
prefabricated grain bins and other similar struc-
tures that are generally considered permanent, even
though they could be taken apart and reassembled
at other locations.
Records must permit specific identification of
the property for which the additional first-year
depreciation is claimed, and must show how and
from whom that property was purchased.
METHODS OF FIGURING DEPRECIATION. Any
reasonable and consistent method of computing
depreciation may be used. The three methods most
generally used are (1) the straight line method, (2)
the declining balance method, and (3) the sum of
the years-digits method. Different methods may be
used for different assets. If assets are listed in sep-
arate accounts in the record books, depreciation
may be figured by different methods on the differ-
ent assets. But if several assets are listed in one
account, the same method must be used for all
assets in that account. When an asset is acquired,
depreciation may be figured using any method.
However, once a particular method is used for an
asset, permission is usually needed from the In-
ternal Revenue Service to change the method of
computing depreciation for that asset.
The Straight Line Method. Under this method,








depreciation for each tax year is determined by
dividing the adjusted basis of the property at the
beginning of the tax year, less salvage value, by the
remaining useful life of the property at that time.
The Declining Balance Method. This method may
be used only to determine the depreciation allow-
ance on tangible property. Under this method, the
largest depreciation deduction is taken the first
year the property is in use, and a gradually smaller
allowance is taken in each of the following years.
The depreciation taken each year is subtracted
from the basis of the property before figuring the
next year's depreciation. Therefore, the same de-
preciation rate is applied to a smaller, or declining,
balance each year.
Salvage value is not deducted from the basis of
the property before figuring depreciation under
this method, and an unrecovered cost remains at
the end of the useful life of the property. However,
salvage value must be estimated at the time of ac-
quisition, since depreciation allowance must stop
when the unrecovered cost equals salvage value,
less an amount up to 10% of the original cost basis.
There are limitations on the maximum rate that
may be used to compute depreciation under the
declining balance method.
The Sum of the Years-digit Method. This method is
also limited in use to certain property. To deter-
mine whether it may be used to compute deprecia-
tion on specific property, consult the Farmer's
Tax Guide for the current year.
In the sum of the years-digit method a different
fraction is applied each year to the basis of the
property less its estimated salvage value. The de-
nominator, or bottom of the fraction, is the total
of the numbers representing the years of useful
life of the property. For example, if the useful life
is 5 years, the denominator is 15 (1+2+3+4+5).
The numerator, or top of the fraction, is the
number of years of life remaining at the beginning
of the year for which the computation is made.
For the first year of a 5-year life the numerator
would be 5, the second year 4, etc. Thus, for prop-
erty with a useful life of 5 years, in order to figure
depreciation for the first year, the fraction to be
applied to the basis minus salvage value is 5/15.


The fraction for the second year is 4/15, and so on.
Depreciation information for the different
groups of assets is computed and recorded on the
inventory and depreciation records for Machinery
and Equipment, page 2, Purchased Livestock, page
18, and Buildings and Improvements, page 26.



CASH AND ACCOUNTS RECEIVABLE
This section provides a record of the liquidity
of the farm business. Liquidity refers to the ability
to convert assets to cash in order to pay current
obligations. This form provides an inventory of
the cash position of the farm business and the
value of assets which are no longer controlled by
the business, but for which payment has not been
received.


ACCOUNTS AND NOTES PAYABLE
This is a record of the claims others hold against
the business. It is similar to an annual inventory of
debts or financial obligations.


NET WORTH STATEMENT
The net worth statement or financial statement
indicates the financial strength of the farm business.
It summarizes the assets and liabilities of the busi-
ness. Assets include all things of value owned by
the business. Liabilities include all debts or claims
against the business. Net worth or equity is equal
to the assets less the liabilities. Lenders require a
financial statement before making a loan. Changes
in net worth indicate the financial progress of the
farm or ranch business over time.


BUDGET CASH FLOW STATEMENT
This provides a record of annual income and
expenses incurred by the farm business. It indicates
the sources and amounts of income and the cate-
gories and amounts of expense. This information
can be very helpful in anticipating expenses and
documenting credit needs and repayment ability.






LAND INVENTORY


Pencil entry in order that changes may be made from year to year to reflect current situation.
1. Total land operated 2. Owned land 3. Rented land
Kind of land Value Total Value Total Value Total
J Acres per Value Acres per Value Acres per Value
acre acre acre

1 Cropland $ $ $ $ $ $
2 Irrigated

3

4 Grove, orchard or vineyard
5 Irrigated
6

7 Pasture-Improved
8 Native

9

10 Woodland

11 Planted Pine

12 Farmyard and wasteland

13 Total land XXX $ XXX $ XXX $





MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

o Original Cost Investment Credit Additional Depreciation Information
New Additional
SUndepreci- or Year First Year Salvage Balance for Li Deprecia-
Description ated Value Used Amount Claim Depre- Value Regula tion Prior
.S < of Trade-in To Boot Cost ed citation Depreciation Method Years

1 T l 3R_ $ s s00'oo0 $ 280 1975 s 350 sOO 1o0 SL $s15
2 1 -L 1/75 2418 Al 5"6 975 150 241b 6 o0_

a3 COIaNME. ___/76 82 h 82. 61r76 q62 O00D a857 10 5L

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1 $ $ $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11 -

12

13

14

15

16

17 -

18

19

20

21

22

23

24

25

26

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD


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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD


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13

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15

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33 Totals this page XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

4 Totals p. XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD


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MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

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6

7

8

9

10

11

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13

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23

24

25

26

27

28

29

30

31

32

33 XX $ $ $ XX $ $ $ XX $ $ $ XX $ $$


XX $


xx I$


XX $


$s


11 t L


xxIs xx j s 1


$


xx I$


XX $s


$


XX $


xx $








MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD


o Original Cost Investment Credit Additional Depreciation Information
S. S1 Undepre- No Year First Year Balance for Deprecia-
Description or Year eValue
S Description a ciated Paid Total Used Amount claim- Deprecia- ue Regular De- Life tion Prior
S Value To Boot Cost ed ton preciation Method Years
Trade-in ToBoot Cost___

$ $ $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23 ___ _____

24

25

26

27

28

29

30__ _______

31 _________ _______

32

33 Totalsthispage XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

34 Totalsp. XXX XXX XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

35 Total XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

14








MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

19 19 19
S,. f Deprecia- Investment This Deprecia- Investment This 7 Deprecia- Investment This
Ston for beginning year's tion for years tion for year's
S= E p gio depre- p beginning d prior beginning depre-
S E prior b- ofoyorr year'sa
years of year citation years of year ciation years ofyear citation
1 $ $ $ $$ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33 XX $ $ $ XX $ $ $ XX $ $ $

34 XX $ $ $ XX $ $ $ XX $ $

35 XX $ $ $ XX $ $ $ XX $ $ $


1~ -







MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

19 19 19
Z Dereia This Deprecia- Investment This
zlii tionfor Depe-yea' Investment This .,6 Investment r i,
Sto for inning rs tion for year's 2 tion for years
Srion prior beginning b e ginni beginning d
". E prior depre- prior beginning depre- prior depre-
years of year ciation years year citation years ofyear ciation

1 $ $ $ $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33 XX $ $ $ XX $ $ $ XX $ $ $

34 XX $ $ $ XX $ $ $ XX $ $ $

35 XX $ $ $ XX $ $ $ XX $ $ S





MACHINERY AND EQUIPMENT
INVENTORY AND DEPRECIATION RECORD

19 19 19 19
,., Deprecia- investment This P Deprecia Investment This Deprecia Investment This Deprecia Invest This
tion for beginning yioneaor s beginning honor begin year's tionor year
inprior depre- >- prior depre- prior depre-beginning prior beginning
oat ion ti of ate cyear of year cia|re
years of ear citation years of year action years f year ciation years of year cia

1 $ $ $ $ $ $ $ $ S$

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


20I 1


22

23

24

25

26

27

28

29

30

31

32


xx $


xx $


-4 4- 4 4- 1 1 -


34 1XX $


35 1XX $


$ $


- L *


xx $


xx $


$


4 4 1 1 1 r 1I-


XX $


Is


$


$


$


1$


I$
S

$

$


r


S

$

$


$



$
-
















... .






PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD


SOriginal Cost N Investment Credit Additional Depreciation Information
0 a> ______ _____ ______ New Additional _______ ______
Description e or Year First Year Salvage Balance or Lifet Deprecia
Descriptionated Valuerec- Paid Total Year Depre- Value Regular Deprecia-
n Claim- Depre- Value
I D acted Value To Boot Cost AmouciationReul tion Prior
-J < of Trade-in ed Depreciation Years

1 DAIR -Col -52 /7 1 __ s$ $500 LL s 25 I974 $ s 150 s 350 5 SL s
2 iDAIJR CoW-_6o 2/7 500 N) f3 1'176 _150 350 5" SL

3 BuLL--1 _/7 ___ 00 II 17 1976_ Zo 600 q SL_

4 DPAR 0 LOlW-'61 fr __ 00 LI __ 1/50 _50 5 SL


S Original Cost New Investment Credit Additional Depreciation Information
or Year First Year Salvage Balance for Deprecia-
Description Ud Pa id Total U Depre- Value Regul L iferr
5- t ated Value To Boot Cost Used Amount Claim citation ai Method tinPrior
of Trade-in ed Depreciation Years
1 $ $ $ $ $ S $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27 Totals this page XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $


18







PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD


19 TY __ 1975" 19
2 Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This
tion for year's C ". tion for year's tion for beginning year's
Beginning |o- zS E. beginning dr.c- I Or -- a ^ .
E years of year nation > years of year nation E years year tion

1 5 Is 0 $s 350 s7 L s 47 o303 s70 5 s$117 s$235 sS 5

_2 __0_ __ __5 0 350

3 q C) 6o 91I

4 0 1__ __ 5 __ 21 3
F I 1!


Deprecia-
tion for
prior
years


19


Investment
beginning
of year


This
year's
deprec-
iation


Deprecia-
tion for
prior
years


19


19-


19 I ~ r


Investment
beginning
of year


This
year's
deprec-
iation


Deprecia-
tion for
prior
years


Investment
beginning
of year


This
year's
deprec-
iation


4


E.







PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD


19 77 19__ 19
0
SDeprecia- Investment This Deprecia- Investment This Deprecia- Investment This
tion for year's E6 tion for year's t! tion for year's
o f beginning deprec- prior = E beginning
> prior deprec prior deprec- prior deprec-
S piyears orf ybeg ingo y r year eea io p ,c- ,- ya
E years of year nation >=E years of year nation E years of year iation
1 SI0 O10 T76i $ $ $ $$ $ $
2 L 6q Z

33 91 50_
4 23 3527







PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD


6 19_ 19 19-- 19
z Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This Deprecia- Investment T1
C '- tion for beginning year's tion for beginning year's tion for beginning year's tion for beginning
begnnn a-^1 T ^1 beginning yerstin o
... '. Prior ofea dp>r Prior deprec- Prior deprec- Prior de
Years year ation Years f year of year deprec- Prior dep
erYears nation Years year year iation Years of year ia
1 $ $ $ $ $ $ $ $ $ $ $ $

2

3

4


19__ 19 19 19_
z Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This Deprecia- investment
ti fveor begin aDInvestment Ts Dea Investment y
L E r tion f eor beginning year's tis tion for einnn
Prior dtieprec- Prior deprec- Prior deprec- Prior begin dep
Years of year i n rs of year nation Years of year nation Years of year iati

1 $ $ $ $ $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27 XX $ $ $ XX $ $ $ XX $ $ $ XX $ $ $



21









PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD


SOriginal Cost Investment Credit Additional Depreciation Information
Z Undepre New Salvage
Description ee Paid Total a Firt Year Balance for Deprecia-
,5 c ciated Paid Total Used Amount claim- Deprecia- Regular De- Life tion Prior
_j U Value ?f To Boot Cost tion tion Prior
Trade-in To Boot ousted onpreciation Method Years
1 $ $ $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33 Totals this page XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

34 Totals p. XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $

35 Total XXX XXX XXX $ XXX XXX XXX XXX $ $ XXX $







PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD



19 19 19
Deprecia- Investment This g1 Deprecia- Investment This Deprecia- Investment This
tion for begin g years tion for year's t tion for In nt years
tion for beginning y
S prior oe g prior beginning depre- > prior beginning depre-
ofyea depre- E prior ye
years year ciation years Of year ciation years f year ciation
$ $ $ $ $ $ $ $ $



























c
I
__ ___ ________ ____ ___________ __________ ________ ____ __________ ___________ _______ (







PURCHASED LIVESTOCK INVENTORY AND.DEPRECIATION RECORD


19 19_ 19
DriThis
i Deprecia- Investment This Deprecia- Investment This s Deprecia- Investment This
Sifor beginning years tionfr years ion tion for year's
Beginning depre- prior beginning
d prior oof depre-yir bdepre-
years ofyear citation years of year ciation years of year ciation
1 $ $ $ $ $ $ $ S

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33 XX $ $ $ XX $ $ $ XX $ $ $

34 XX $ $ $ XX $ $ $ XX $ $ $

35 X $ $ $ XX $ $ $ XX $ $ $

24







PURCHASED LIVESTOCK INVENTORY AND DEPRECIATION RECORD


19____ 19_ 19 19
2 ?' Deprecia Iestmen It This Deprecia Investment This Deprecia Investment This F Deprecia- InveThis
S tionr beginning year's ; tion for beginning year's tion for year Investment year
in for begin r prior beg inning e beginning years e in for
S of prr o year prior ydepre >E prior beginning depr
years citation years of year cation years of year cation years of year ciato
1 $ $ $ $ $ $ $ $ $ S $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33 XX $ $ $ xx $ $ XX S $ s $ $ $

34 XX $ $ $ $ $ $ xxS $ $ xx $ $ $ xx

35 XX $ $ $ xx $ $ $ XX $ $ $ XX $ $ $






BUILDINGS AND IMPROVEMENTS INVENTORY AND DEPRECIATION RECORD


z
Description C
_j

1 SBAf?3-EQuIP T '/

2 FEarCES

3 SILO
4



2
0 Description C


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

3

4

F5

6

7 Totals this page X


o Original Cost Investment Credit Additional Depreciation Information
New Additional
SUndepreci-orear First Year Salvage Blance for Deprecia-
ated Value Paid Total irsear Balane for
o Trde- i o Used Amount Cl ai pre- Value Regular Me tion Prio
of Trade-in d e nation Depreciation Years

s s8 q$$OO kJ $ s$ I$A E.$ s$6qOD 25- ISL $1536

S8 1260 &J 8a 198_ 60 1100 10 I SL 7 0

TI 56____0 LLI O____ JE 0 IS SL 5 fZ







BUILDINGS AND IMPROVEMENTS INVENTORY AND DEPRECIATION RECORD


19 19 75 197'
S Deprecia- This Deprecia- investment This Deprecia Investment This
Se a" Investment tin for bInvestment
tion for year's tion for year's tion for nnn ear s
S prior beginning deprec- prior beginning deprec- prior edeprec-
> E years of year nation E years of year nation years of year action

1 19 s(53G st'8L6 s256 18& $sf7 sq60b s'256 17 s20 / s$9352. s25;

2 q 720 2O Z0 -5 SqO 30 /Z0 2. -o 2?(0 1C I

3 12. c 91 30( II 1216I 33 0 10 15 0 300o 301

4


19_ 19 19
2 Deprecia- Investment This Deprecia- Investment This DepDeprcia- Investment This
t ti or year's tion for year's
I beginning
ion beginning year tion for beginning depre beginning pdeprec-
S prior deprec- prior year of deprecyear
S yearsian of year iation E yars of year ation
1 $ $ $ $ $ $ $ $

2

3

4

5
6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27 XX $ $ $ XX $ $ XX $ $ $








BUILDINGS AND IMPROVEMENTS INVENTORY AND DEPRECIATION RECORD


S19 77 19 19
2 Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This
si D- tion for vesm year's tion for bei years tionfor beginning year's
= r beginning deprec- prior bennng deprec- a prior deprec-
S years of year nation > years of year nation E years year nation

1 16 s 230 sqo 6 0 s $ $ s$ $ $

2 1 10 0 120


4
3 9 9&2H 17__



19. 19 __ 19 _
Z Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This
ti or beginning r beginning year tionor beginning dyarr
r prior g deprec- a i prior o a prior iatiorec-
S... years ofyear nation years fear nation years ofiation

1 $$ $ $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27 XX $ $ $ XX S XX $ $ $


I









BUILDINGS AND IMPROVEMENTS INVENTORY AND DEPRECIATION RECORD


S19_ 19_ 19- 19
SDeprecia- Investment This Deprecia- Investment This Deprecia- Investment This Deprecia investment This
Stion for beginning year's tion for beginning year's tionfor yearfor beginning years
:1 beg ing beginning or beginningPrior deprebeginnin
-'- Prior of year dprec- Prior eprec- Prior deprec- > Prior of year eprec
Years nation Years f nation Years f nation Years o nation
1 $ $ $ $ $ $ $ $ $ $ $ $

2

3

4


19 19 19 19-
e Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This Deprecia- Investment This
rti or beginning dear s for beginning de tiPr beginning d3r Prior beginning yr rs
S Yf eprec- Prior deprec > P r depre-p Prior deprec
-.oaton YYears Of year nation eas o erE t Years of year E Years y nation

1 $ $ $ $ $ $ $ $ $ $$ $

2

3

4

5

6

7

8

9

10

11

12

13
14


15

16
17

18


19
20

21
22

23

24


25
26

27 XX $ $ X $ $ $ XX $ $ XX $





LIVESTOCK INVENTORY

z 19 19- 19
CATTLE er alue Toter Number Value Total Number Value Total
per head Value per head Value per head Value

1 Beef breeding herd-Cows $ $ $ $$ $

2 Bulls (over 1 yr.)

3 Heifers (1 yr. and over)

4 Calves (heifers & bulls under 1 yr.)
5

6 Other cattle*-Steers (1-2 yrs.)
7 Steers (over 2 yrs.)

8 Heifers ( 1 yr. and over)

9 Cows

10 Calves (under 1 yr.)
11

12 Dairy cattle-Cows

13 Bulls (over 1 yr.)

14 Heifers (1 yr. and over)
15 Calves (heifers & bulls under 1 yr.)
16

17 Totals xxx $ xxx $ xxx $
*Include all cattle intended for sale.


18 Hogs-Sows

19 Bred gilts

20 Boars

21 Spring pigs raised (Jan.-June)

22 Fall pigs raised (July-Dec.)
23 Packer sows

24 Feeder pigs (purchased)
25

26 Sheep-Ewes

27 Rams

28 Lambs (under 1 yr.)
29

30 Horses and Ponies

31

32 Poultry-Broilers

33 Layers
34 Turkeys

35 Other livestock $ $ $

30





LIVESTOCK INVENTORY

S 19 19 19

Numr Value Total Value Total Value Total
per head Value per head Value Number per head Value

1 $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17 xxX $ XXX $ XXX $





18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35 $ $


21





LIVESTOCK INVENTORY

S19 19 ___ 19

S Numbr Value Total Value Total Value Total
Number Number Number
per head Value per head Value per head Value

1 $ $ $ $ $

2

3

4

5

6

7

8

9

I 10

I 11

S12

13
I-
14

15

16

17 XXX $ XXX $ XXX $





18

19

S20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35 $ $ $






LIVESTOCK INVENTORY


18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35 $ $








INVENTORY OF CROPS, FEED, SEED, AND SUPPLIES

o0 19- 19 19 -
z ____ 9
C Crops, Feed or Seed .2 Price Price Price
j 3E Quantity per unQuantit y quantity t Value Quantity per unit Value

1$ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28 Total crops, feed, and seed XX XXX XXX $ XXX XXX $ XXX XXX $

29 SUPPLIES

30

31

32

33

34 Total supplies XX XXX XXX $ XXX XXX $ XXX XXX $

Total crops, seeds, feed and supplies
35 (Sum of lines 28 and 34) XXX XXX $ XXX XXX $ XXX XXX $


34








INVENTORY OF CROPS, FEED, SEED, AND SUPPLIES

6 19 19 19
z
Price Price Price Value
Quantity pr nit Value Quantity pr unit Value Quantity unit Value

1 $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28 XXXX XX XX $ xxxx xx xx $ xxxx xx xx $

29

30

31

32

33

34 XXXX XX XX $ XXXX XX XX $ XXXX XX XX $

35 XXXX XX XX $ XXXX XX XX $ XXXX XX XX $







INVENTORY OF CROPS, FEED, SEED, AND SUPPLIES


z 19 19 19
z
Price Price Price Value
Quantity per unit Value quantity per it Value Quantity per it Value

1 $ $ $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28 XXXX XX XX $ XXXX XX XX $ XXXX XX XX $

29

30

31

32

33

34 XXXX XX XX $ XXXX XX XX $ XXXX XX XX $

35 XXXX XX XX $ XXXX XX XX $ XXXX XX XX $








INVENTORY OF CROPS, FEED, SEED, AND SUPPLIES

d 19_ 19_
2
Qn Price Price NOTES
P Quantity Value Quantity pValue
per unit per unit

1 $ $ $ $

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28 XXX XX XX $ XXX XX XX $

29

30

31

32

33

34 XXX XX XX $ XXX XX XX $

35 XXX XX XX $ XXX XX XX $









CASH AND ACCOUNTS RECEIVABLE

19- 19- 19- 19- 19
SZ Amount owed me Amount owed me Amount owed me Amount owed me Amount owed me

1 Cash on hand & checking account $ $ $ $ $
2

3 Farm business savings account

4

5 Farm business accounts receivable

6 Farm business notes receivable

7 Stock in cooperatives

8

9

10 Total cash and amounts others owe me $ $ $ $



ACCOUNTS AND NOTES PAYABLE

6 19 19- 19 19--- 19
-1 Amount I owe Amount I owe Amount I owe Amount I owe Amount I owe

11 Bank overdraft $ $ $ $ $

12 Bills due but unpaid

13

14

15

16 Farm business accounts payable

17

18

19 Farm business notes payable

20

21

22

23

24 Total accounts and notes payable $ $ $ $

25 Mortgage acres

26 Mortgage acres

27

28

29 Total mortgages $ $ $ $ $

Total mortgages, notes and accounts
30 payable (Sum lines 24 and 29). $$ $ $ $








CASH AND ACCOUNTS RECEIVABLE

S 19 19- 19 19 19. 19
- NOTES
Z Amount owed me Amount owed me Amount owed me Amount owed me Amount owed me Amount owed me


1$ $ $ $ $ $

2

3

4

5

6

7

8

9

10 $ $ $ $ $ $




ACCOUNTS AND NOTES PAYABLE

S 19_ 19 19 19--- 19 19-
J Z Amount I owe Amount I owe Amount I owe Amount I owe Amount I owe Amount I owe

11 $ $ $ $ $ $

12

13

14

15

16

17

18

19

20

21

22

23

24 $ $ $ $ $ $

25

26

27

28

29 $ $ $ $ $ $


30 $ $ $ $ $ $








NET WORTH STATEMENT

Year: 19 19 19___ 19
ASSETS

Current Assets

1 Cash

2 Accounts Receivable
Inventory

3 Crops

4 Feed, Seed, & Supplies
5 Livestock
6 Total Current Assets

Fixed Assets

7 Land

8 Buildings and Improvements
9 Machinery
10 Inventory of Household Goods
11 Equity in Outside Business

Cash Value of Bonds, Life
12 Insurance, and Investments

13 Personal Automobile
14 Total Fixed Assets

15 Total Assets



LIABILITIES AND NET WORTH

Liabilities

16 Accounts and Notes Payable
17 Mortgages
18 Total Liabilities

19 Net Worth

20 Total Liabilities and Net Worth

21 Change in Net Worth











19. 19.19. 19 19 19 19 19 19-







YEARLY BUDGET CASH FLOW RECORD

INCOME 19 19 19 19

1 $ $ $ $

2

3

4

5

6 Custom work

7 Government payments,
dividends, etc.

8 Other farm income

9 TOTAL $ $ $ $



EXPENSES


10 Hired labor $ $$ $

11 Feed

12 Veterinary and livestock
supplies

13 Repairs and maintenance

14 Supplies and small tools

15 Machine hire

16 Seeds and crop supplies

17 Fertilizer, lime, chemicals

18 Gas, fuel, oil (farm use)

19 Utilities

20 Taxes paid

21 Insurance premiums, interest
paid _
22 Trucking and hauling

23 Other farm expense

24 TOTAL $ $ $










19 19 19 19 19 19


$ $ $ $ $



















$ $ $ $ $ $







NOTES
























I RESEARCHC
TEACHNG EXENSIO


This publication is the result of tax-supported research and as such
is not copyrightable. It may be freely reprinted with the customary
crediting of the source.


2-5M-78



COOPERATIVE EXTENSION WORK IN AGRICULTURE AND HOME ECONOMICS
(Acts of May 8 and June 30, 1914)
Cooperative Extension Service, IFAS, University of Florida
and United States Department of Agriculture, Cooperating
K. R. Tefertiller, Director


Single copies are free to residents of Florida and may be obtained This public document was promulgated at a cost of $2315.87,
from the County Extension Office. Bulk rates are available upon or 46.3 cents per copy, to provide the format for an income and
request. Please submit details of the request to C.M. Hinton, Publi-
cation Distribution Center, IFAS Building 664. University of expense record, and statement of financial condition to be used in
cation Distribution Center, IFAS Building 664, University of the small farm program, general extension farm financial training,
Florida, Gainesville, Florida 32611. the small farm program, general extension farm financial training
and for use by farmers.




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