is shown on a balance sheet and is determined by listing owned assets and liabilities with their values,” says Danny Klinefelter, economist with Texas A&M AgriLife Extension. “The difference between assets
A balance sheet is a statement of the fi nancial health
and liabilities is net worth, or the owner’s equity in the business. A balance sheet is often called a net worth statement. Net worth is the value that would be left after business debt obligations are paid in full.” “We also require a projected and 3 historical cash
of a business at a specifi c time.
prepare an annual budget, monitor day-to-day receipts and payments, and determine when management changes need to be made to keep the operation solvent,” he adds. “Projec- tions of cash needs will aid market- ing decisions as to when and how to market your cattle.” Most loan agencies have forms that can be used to develop fi nancial
fl ow statements,” Leiber continues. “A projected cash fl ow statement is a listing of all anticipated cash in- fl ows and outfl ows for the coming year and accounts for forecasted changes such as drought, market price decreases and increased input costs. “Cash fl ow statements show the size and scope of
the business. These projections show when and where infusions of cash will be needed to sustain the busi- ness. Examining historical cash fl ows helps to prepare more accurate projected cash fl ows. “A projected cash fl ow statement can be used to
Cooper Supply Inc.
“People Helping People Move Water” Since 1983
During this long season of drought, water has never been a more serious issue.
Our locations:
Corpus Christi, Texas: 361-289-6611 Coleman, Texas: 325-625-3543 Fort Worth, Texas: 817-222-9055
Learn more about our leak-free polyethylene pipe system by visiting our website:
www.coopersupply.com 72 The Cattleman October 2013
and cash fl ow statements. There is also bookkeeping software available to create these documents from your entered expense and income numbers, or you can use a CPA (certifi ed public accountant).
Production records Banta designed a simple, easy-to-maintain produc-
tion record-keeping system on Excel spreadsheets. A ledger and a pencil can be used to maintain this system as well as computer spreadsheet software. Banta has used his spreadsheets to keep records
for his family’s commercial beef cattle operation for 10 years. During this period, he has made small modi- fi cations to the system and now feels it provides all
The New GAINESVILLE LIVESTOCK AUCTION LLC
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thecattlemanmagazine.com
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