Farm Profit & Loss Statement

PAGE NO.     1   49000100 Happy Acres Farms         Y/E 12-31,
     02/08                  Pd.  1-01    THRU  6-30,     CB # 1
 FARM P & L CASH BASIS  
BASED ON UNAUDITED INFORMATION
     DESCRIPTION                        ACTUAL     BUDGET   VARIANCE  % INC 
           INCOME                                                             
     140 Beef Feeders-Feedlot            2,704      3,582       -878   3.09   
     470 Hogs Farrow Finish              5,094      4,248        846   5.82   
     510 Hogs Weaning Pig Prod          45,469     45,000        469  51.92   
     Dairy Products Sold                27,670     27,674         -4  31.60   
      *MARKET LVSTK & PRODUCTS SOLD     80,937     80,504        433  92.42 *      

     222 High moisture corn              3,088      3,099        -11   3.53   
       *TOTAL CROP INCOME                3,088      3,099        -11   3.53 * 

     Tax Refunds                           637                   637    .73   
     Custom Work Income                  2,900      4,400     -1,500   3.31   
     Patronage Coop Refunds                  9         12         -3    .01   
       *TOTAL OTHER FARM INCOME          3,546      4,412       -866   4.05 * 
         *TOT FARM OPERATING INCOME     87,571     88,015       -444 100.00  *
     ============================== ========== ========== ========== ======   
           EXPENSES                                                           
       *TOT LVSTK PURCH FOR RESALE           0          0          0    .00 * 

     Veterinary & Misc Lvstk Exp         3,874      2,160     -1,714   4.42   

     Feed Bought                        14,162      8,870     -5,292  16.17   
     Fertilizer Expense                  5,533      3,725     -1,808   6.32   
     Chemicals Expense                   1,524      1,669        145   1.74   
     Seed Expense                          594        678         84    .68   
     Custom Work Expense                   405        636        231    .46   
     Fuel-Gas, Diesel & Lubricants       2,622      2,628          6   2.99   
     Repairs & Upkeep                    2,223      1,922       -301   2.54   
     Labor-Wages, Taxes & Fringe         5,928      5,645       -283   6.77   
     Real Estate Taxes                     387        377        -10    .44   
     General Farm Expense                  185        150        -35    .21   
     Utilities                             715        744         29    .82   
     Interest                            5,040      4,800       -240   5.76   
     Lease/Rent Payments                 4,745      4,245       -500   5.42   
       *TOTAL EXPENSE & LEASE           47,937     38,249     -9,688  54.74 * 
        *TOT FARM OPERATING EXPENSE     47,937     38,249     -9,688  54.74  *
     ============================== ========== ========== ========== ======   
     Change in Inventory (+ or -)                                             
     Depreciation - Capital Adj.         6,000      6,000          0   6.85   
           *FARM PROFIT OR LOSS (-)     33,634     43,766     10,132  38.41  *
     ============================== ========== ========== ========== ======   
           CAPITAL ITEMS                                                      
     290 Dairy Cows Commercial           2,017      1,032        985   2.30   
     470 Hogs Farrow Finish                225        225               .26   
     Lease Income                        1,500                 1,500   1.71   
       *TOT CAPITAL SALES/LEASE INC      3,742      1,257      2,485   4.27 * 

     Auto, Truck & Machinery Bought      5,700                -5,700   6.51   
       *TOTAL CAPITAL PURCHASES          5,700          0     -5,700   6.51 * 

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