4 _.‘_———-“ 4 A‘" » )V1ESI_} RETURNING MATERIAL§: P1ace in book drop to LJBRARJES remove this checkout from “ your record. FINES will — be charged if book is returned after the date stamped below. p. )~ '5’" :2 2. £51533) HN r 1;: CO A DAIRY ENTERPRISE CASH FLOW SYSTEM 8v Cheryl N. Lurio A THESIS Submitted to Michigan State University in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE Department of Animal Science 1987 ABSTRACT A DAIRY ENTERPRISE CASH FLOW SYSTEM by Cheryl N. Luria The objective of this project was to develop an easy means for projecting cash flows for a 12 month period for a dairy enterprise. Through the cooperation of the Michigan State University farm accounting and records system, Telfarm, and six Michigan dairy farms a forecasting model was developed. Development consisted of deriving the equations and coefficients used to forecast the cash flow streams of receipts and expenditures for an annual period. These equations and coefficients were tested on six Michigan commercial dairy enterprises. Using the forecasting method and procedures a 18 month cash flow projection for each commercial dairy enterprise was developed. To test these projections they were compared to actual monthly cash flow streams to assess the accuracy of the forecast model. The dairy enterprise cash flow forecast model was designed for use on an IBM compatible personal microcomputer using the software LOTUS 1-2—3 version 1A. ACKNOWLEDGMENTS The author wishes to thank Dr. Allan Rahn. Dr. John Speicher of the Department of Animal Science and Dr. Sherrill Nott of the Department of Agricultural Economics for their assistance and guidance throughout the course of her master’s program. Additionally, the author would like to thank Mr. D. Walton through whose Special friendship the completion of this thesis became a reality. Most importantly. the author wishes to thank her father for his never ending love. moral support and guidance throughout the course of her life. To him I dedicate this thesis. iii TABLE OF CONTENTS Chapter 1 INTRODUCTION ..................... 2 REVIEW OF LITERATURE ............. Need for Cash Flow Management.. Definition of Cash Flow ........ What generates Cash Flow ....... The Cash Flow Forecast ......... Types of Forecasts ............. Development of 0 Forecast ...... Uses of 0 Completed Forecast... 3 METHOD OF DEVELOPMENT ............ Map of Dairy Enterprise Cash Flow sections .................. Design of the model ............ Description of use of the model Receipts Information ........... Expenditure Information ........ Crop Information ............... Estimated Feed Needs—Procedure One ............................ Use of Feed in Ration-Procedure Two ............................ Feedstuffs Inventory Determination .................. Feed Purchases ................. Receipts ....................... Expenditures ................... Labor Payroll .................. Livestock Expenditures ......... Crop Expenditures .............. Machinery & Farm Expenditure... Loan Repayment Schedule ........ 4 DISCUSSION ....................... Use of procedures to estimate feed needs ..................... Use Inventory Calculations ..... General Uses of the Model ...... 5 RESULTS ........................... Review of Appendix A-Case Example ........................ iv Page 12 13 23 25 28 31 33 35 a2 a2 44 44 46 48 51 52 53 55 55 56 65 62 6Q 66 66 68 69 73 73 SUMMARY AND CONCLUSIONS ........... 75 Decision Making Base on the Model Results .................. 75 Strenghts and Weaknesses ....... 77 Future Use of the Model ........ 78 APPENDIX Appendix A ...................... BO Appendix B ...................... 104 BIBLIOGRAPHY ...................... 178 CHAPTER 1 INTRODUCTION Dairymen are presented with the challenge of not only being good managers of their cattle but they must be sound businessmen as well. Dairymen must be able to use financial reports about their dairy enterprises to make reasonable economic decisions and to efficiently maximize the earning power of a dairy enterprise. Earning power is defined as cash generating potential. Therefore. cash assumes the primary role in financial reports. With cash as the central concern in financial management it becomes important to measure the flow of cash within an operation. The reason being that management looks at profits as a process of flow of value. within the operation. from one point to another. with this value being cash. Therefore. the financial reports of the most consequence are those which present cash flows. When involved in decison making the financial manager of a dairy enterprise is primarily concerned with future occurrences in cash flows. Therefore, it becomes important to develop a method of predicting cash flows or cash flow forecasting. Forecasting is done to allow for decisions concerning cash flows in regard to efficient cash utilization and maintenance of as small a cash balance as possible without impairing the operations financial stability. The Dairy Enterprise Cash Flow model. presented here. is a method of providing the financial manager. of a dairy enterprise. with the necessary information about cash flows to make sound business decisions. The model will provide a detailed twelve month forecast to be used as a tool in financial decision making. The model will use data from the financial manager of the dairy enterprise combined with formulated methods to arrive at the forecast results. Therefore, the model will be specific to each dairy enterprise yet, it will utilize prescribed forecasting techniques to add to its validity. Given that the model will only be as useful as the information it contains is valid. CHAPTER 2 REVIEW OF LITERATURE A dairy farm operates within a market economy. The basis of any economy is its key transactional unit or medium of exchange. which in a market economy. is cash. Cash can be defined as ready money which is "a commodity that is legally established as an exchangeable equivalent of all other commodoties and used as a measure of their comparative market value" according to the American Heritage Dictionary. In a market economy cash is the most liquid asset available to satisfy business requirements (Osburn. et. al.. 1983). Since this is the case it is the job of the cash manager to excercise diligent control over business’ primary asset (Orgler. 1979). In an effort to perform this function a manager must be aware of the cash balance or position at any given time. Over a period of time cash balances will change with changes in cash inflows and outflows (Hicks. 1989). The resulting changes in position over time is referred to as the cash flow of a business (Jacobs, et. al.. 1983). Cash position changes are a meaningful indicator of the financial performance of businesses in which the primary objective is profitability and growth (Jacobs. et. al.. 1983) A cash flow forecast projects cash position changes of a business and allows for closer control over the need for additional borrowing or more efficient use of the business’ liquidity (Knight. 1982). In theory it is the amount and timing of cash expected to flow in and out of a business in a given period (Sorter. 1982). Osburn. et. al.. (1983) refer to cash flow as the link between the major goals of a business: to be liquid. 4 profitable and solvent. Cash Flow is influenced by 1) efficiency of production (as reflected by a ratio of operating income to operating expenses); 2) debt structure and repayment schedule; 3) purchasing and marketing strategies (timing of inventory and management control); 4) family living expenditures 5) tax strategies (Osburn. et. al.. 1983). NEED FOR CASH FLOW MANAGEMENT Cash is one of the natural consequences of business activity. Cash inflow and outflow is the result of business activity and the effective control of cash is one of the most important aspects of financial management of any business (Orgler. 1979). The eventual success or failure of a business may depend largely on its ability to manage its cash (Jacobs. et. al. 1983). In a developed economy cash is the general business asset and it represents a general claim on all other assets (Kirkpatrick. 1983). Therefore. the ability of a business to generate. have access to and use cash indicates a level of performance (Kirkpatrick. 1983). The financial growth and success of any company is bound by the constraint of its existing cash supply and/or by managements ability in obtaining maximum use of every available dollar (Sautter. 1974). Obtaining maximum use of every dollar indicates the need to manage the amount of cash available to a business at any given time. Therefore. like any asset or resource of a firm. there is an optimum amount that should be held at a given time (Jacobs. et.al.. 1983). The optimum amount held is dependent on a variety of factors and trade—offs and thus cash management becomes a balancing act. There must be enough cash to satisfy immediate liabilities and needs yet an excessive balance of cash. or a cash surplus. will not be utilized in its most efficient manner. Rather than having an excessive surplus of cash a business might benefit more from short term investment in which the earnings from the surplus cash come in the form of interest payments (Hermanson. 1984). This would indicate a more efficient use of cash. On the other hand there is the risk of tying up cash reserves in short term investment and running the possibility of not having enough to meet an immediate need for cash. therefore. causing the need for short term borrowing. Any decision that could result in either too much or too little cash on hand may create an imbalance that will exist for several future time periods (Hockenberger. 1984). Rectifing this problem is further complicated by the dynamic business environment. Corrective action is solely dependant on management’s actions. yet inflows and outflows of cash are constantly changing and affected by factors which management has no control over. Thus it becomes evident that cash management is a careful balancing act and a never ending challenge. The need to balance cash is a natural consequence of differences in the timing and magnitude of cash inflows and outflows (Jacobs. et.al.. 1983). Cash requirements arise as a lack of synchronization of inflows and outflows, consequently there is a need for an optimum amount of cash balance to perform regular cash transactions and counter unexpected cash requirements (Orgler. 197D). This optimum amount may also be referred to as a minimum cash balance since there may be a cost associated with any surplus (Loscalzo. 1982). The cost of any unexpected cash requirements is dependant on both the magnitude and frequency with which they occur (Hockenberger. 198a). On a frequent basis unexpected cash outflows will require the need for borrowing which will further complicate the cash management of a business. Yet on the other hand there is also a cost associated with a cash surplus. particularly for a business with a regular stable pattern of cash flows (Orgler. 1979). In these instances where there are regular patterns of cash surpluses there is the problem of idle assets or resources. the cash. These idle assets should be employed. as previously stated. into income generating assets or activities or used to reduced any current debt load (Hockenberger. 1984). The required cash reservoir is defined as the minimum balance selected. which is dependant on the chance of unexpected cash outflows. the cost of shortages and the opportunity cost of holding excess cash (Orgler. 1979). The decision on the amount that should be maintained in cash reserves is based on managements’ judgement of need. in an effort to economize cash balances by evaluating the trade-offs between cash surpluses and shortages. Dependant primarily on the implicit return from cash. "Implicit Return” is an intangible measure which represents the advantage of holding cash (Orgler. 1973). Since the amount of cash held is what is used to avoid cash shortages up to a particular point this return will be very high and the benefits will offset the opportunity costs (Jacobs. et. al.. 1984). Therefore. the implicit return from cash is higher than would be the return from any other investment (Orgler. 1976). Essentially the two situations that cash management is involved in are: 1) How to finance cash requirements when excess outflows over inflows reduce the cash balance below the minimal desirable level. 2) How to invest excess cash when net cash flows (inflows less outflows) are positive. (Orgler. 1979). The description of the cash managers function is to: 1)Obtain maximum productive use of all available cash 2)To coordinate all enterprises cash requirements with the business financial planning. 3)To anticipate cash surpluses and deficits. due to seasonal or operating demands. to determine when short term loans are needed or when there is a surplus of cash available for investment. 4)Minimize interest payments. service charges and other cash costs. (Anderton. 1974). The importance of cash flow management has increased significantly as businesses are faced with extensive financial leverage. increasing debt service requirements and declining profits (Knight. et.al.. 1982). In some cases management decisions in these areas are crucial to survival. Poor cash flow management could cause a business to suffer drastic consequences of high interest rates (which during the last decade have been at a record high level) forcing a situation of strict managerial control (Giles. 1977). DEFINITION OF CASH FLOW There are several definitions of cash flow depending on whose point of view is considered. The two major differences in definitions of cash flow are when it is considered on a cash basis or an accrual basis. When defined on a cash basis only transactions involving actual cash receipts and disbursements occurring. in a given period. with no attempts to record unpaid bills (or amounts) owed to or by the business (Gross. 1972) This is fairly straight forward. If cash comes in or goes out in a given period. it counts; if not it doesn’t count (Hicks. 1989). However. the accrual basis means keeping records so that in addition to recording transactions resulting from the receipts and disbursements of cash. the firm also records the amount it owes others and the amount others owe it (Gross. 1972). In accounting terms - on a 8 cash basis cash flows are recognized and reported as they occur (Hermanson. 1984). In accrual accounting cash flows are recognized when the accountant considers they have been earned ( in the case of revenue) or expired (in the case of an expense) (Kirkpatrick. 1983). Traditionally cash flow measurements and cash flow accounting have been rooted in the traditional accounting methods of accrual accounting. In the last decade proponents of cash flow systems have argued that to arrive at an accurate and complete status of flows of cash all accruals should be placed on a cash basis (Casey. 1984). and cash flow should be considered on a cash basis rather than accrual. Farming businesses lend themselves readily to a cash basis since they are allowed to operate on a cash basis from a tax accounting viewpoint (Harsh. et.al.. 1981). From a cash basis a former has the ability to manipulate cash receipts and cash expenses. which are used in the calculation of income and therefore tax obligations (Harsh. et. al.. 1981). By effectively shifting cash from one accounting year to another. the tax burden can be reduced. Under the accrual method the former has less flexibility to do tax management (Harsh. et. al.. 1981). However. Sorter(1982) and Harsh et. al. (1981) state that from an over all business management perspective it can be argued that the accrual method is preferred since it more clearly reflects the total financial progress of a business. Traditionally in the analysis of a business there are three basic financial statements that are used by management - the net worth statement. the income statement. and the cash flow summary. There are two basic objectives that should be met by financial statements 1) to provide information useful for making economic decisions 2) provide information useful to investors and creditors for predicting. comparing and evaluating enterprise earning power (Sorter. 1982). Earning power is defined as cash generating potential. thus. cash assumes a primary role in terms of the objectives of financial statements (Sorter. 1982). It is necessary to look at how the traditional financial statements meet the objectives stated above. The Net Worth statement is a summary of assets. liabilities. and owner’s equity at a given point in time (Harsh. et.al.. 1981). The structure of the Net Worth statement follows the basic accounting equation; assets — liabilities = net worth (Osburn. 1983). Liabilities are obligations owed to those who provide debt capital to the firm (lenders. lessors and other creditors) (Barry. 1983). Net Worth reflects the owner’s equity in the business (Osburn. 1983). This financial "snapshot" of the business is used as a measure of the solvency of a business. if the assets exceed debt than the business is considered solvent (Harsh. 1981). The income statement measures the financial progress and profitability of a business over a period of time (Harsh et. al.. 1981). The period of time. or the accounting period. referred to is usually one year (Barry. 1983). The main purpose of the income statement is to measure the value of a firm’s production during the accounting period (Barry. 1983). As a management tool it is used in analysis of a business’ profitability. efficiency and financial stability (Harsh. et. al. 1981). Osburn (1983) suggests that income statements over several years are a useful analytical tool on a comparative basis. Comparing results from different years will reveal the return (or loss) to resources used in production. as well as. the relationship between receipts and expenses over time indicating 1D whether increased efforts to control resources are warranted (Osburn. 1983). It is also useful to reflect a business’ capacity to undertake and service debt for expansion or investment purposes (Osburn. 1983). The Net Worth statement indicates the financial solvency of a business at a given point in time. and the income statement gives an indication of the net farm profit during an accounting period (Harsh. et. al.. 1981). Wells (1974) concurs with Harsh. et. al.. (1981) on this point. even from a projected point of view. in that the income statement (projected) gives results. but does not tell how results are to be financed. A projected balance sheet displays financial position. but does not tell how financial transactions occurred (NAA. 1961). Therefore. the information that these two statements provide say nothing in regards to the inflows and outflows of cash in a business and whether or not a business can meet its cash obligations as they come due. It is highly unlikely that any one figure (bottom line) off of an income or net worth statement can adequately convey information about amount. timing and certainty of cash realization (Sorter. 1982). Therefore. management needs cash flow to bridge the gap laid open by the other statements (NAA. 1961). The cash flow summary examines the amount of cash available to the operator and how that cash is utilized by the farm business. The cash flow summary provides a link between the income statement and net worth statements by showing the various flows of funds that are associated with changes in equity capital (Barry. 1983). It is designed to show the magnitude and specific sources of variation of various funds that flow into and out of a business (Osburn. 1983). A typical method of setting up a cash flow summary is to use 0 sources and uses approach. 11 the inflow of funds being sources and the outflow of funds being uses (Harsh. et. al..1981). The Net-Change concept is intended to measure changes between beginning and end of period values for selected sources and uses of funds (Barry. 1983). Under this approach a typical categorization of sources of funds is; 1) 2) 5) 4) 5) 6) Funds from farm operations a) farm profit b) depreciation A net decrease in current assets A gross decrease in non-current assets A net increase in any liability New equity from outside sources (stock sales. gifts and inheritances) Total sources of funds (Barry. 1983) In the same vein uses of funds are typically catagorized as: 1) 2) 3) 4) 5) Net increase in current assets Gross increase in non-current assets Net decrease in any liability Fund withdrawls for family. dividends. income taxes. gifts. stock requirements. etc. Total uses of funds (Barry. 1983) Harsh et. al. (1981) suggest a more comprehensive approach to sources and uses involving a Gross-Flow concept vs. a Net-Change concept: Sources of Funds 1) 2) 3) 4) 5) 6) 7) Beginning cash balance Cash farm receipts Capital sales cash nonfarm income New money borrowed Depletion of nonfarm investments and saving Total cash inflow Corresponding Uses of Funds 1) 2) 5) 4) 5) 6) 7) 8) Cash farm expenses Capital expenditures Cash nonfarm business expenses Family living expenses and savings Taxes paid Repayment of borrowed money Ending cash balance Total cash outflow 12 Both of these techniques indicate patterns of cash inflow and outflow based on historical data and this may have serious shortcomings in its usefulness as a management tool. The financial manager is most interested in dealing with future not past time periods. WHAT GENERATES CASH FLOW As has been stated cash flow is a measure of the receipts and disbursements of the cash of a business. At this point it would be prudent to define receipts and disbursements. since they are what generate cash flow. For the purposes of this project dairy farm receipts will be the result of milk sales. cull cows. replacements sold. bull calves. depreciable livestock. sales of crops. custom services provided. equity earnings (milk co-op). sale of depreciable property or any other activity which results in cash inflow to a business. Disbursements must first be defined as either a cost or an expense. A cost is the amount of a resource given up to perform the activities of a given unit for a specific period of time. whether that be from production of a given product or from sevices offered (Heitger. 1986). An expense is an "expired cost". a resource consumed during the production of a given product in this case the resource being cash (Heitger. 1986). A list of possible costs with the corresponding expenses for a dairy farm include Animal costs — feed. feed supplies. livestock supplies. breeding services. veterinary service and supply. milk sales expenses (marketing. hauling. promotion. Gramm—Rudman. Whole Herd Buyout): Crop costs - seeds and plants. fertilizer. herbicides and insecticides. crop supplies. irrigation power; Machinery costs - machine and truck repairs. building and improvements. small tools. machine shop supplies. 13 gasoline. diesel. motor 011. custom services; Farm costs - general supplies. utilities- heat. electricity. land rent. taxes. insurances; Payroll costs - labor. FICA deposited. management. What is being described here are the sources and uses of funds. Sources which bring cash into a business and uses which remove cash (Wells. 1974). Sources of funds are operations (if positive inflow). Borrowing. Disposal of resources. and contributions of owners (Hermanson. 1984). Uses of funds are operations (if negative drain). borrowing repayment. purchases of resources. distributions to owners (Hermanson. 1984). Sources contributing to the pool of funds and Uses draining from the pool of funds. indicating how funds are generated and depleted by business activity (Wells. 1974). Traditional accounting has always maintained that tracking sources and uses of funds through a business has been the cash flow of a business and are compiled within a cash flow statement (Kirkpatrick 1983). Therefore. a cash flow statement of changes in financial position of a business can be used as an analytical tool. It demonstrates how funds were acquired and how they were used in a given period of time and what the net effect was on the cash position of the business (Wells, 1974). THE CASH FLOW FORECAST A cash flow forecast indicates the ability of a business to generate cash inflows to meet its cash demands during a specified period of time (Osburn. 1983). The contention here is that cash flow forecasting is at the heart of effective cash management (Knight. 1982). There are several arguments for using cash flow forecasting. A cash flow forecast will indicate total funds available to a business. as a result of a period of operations. for replacement. expansion. 14 reduction of debt. increase in working capital (Wells. 1974). Knight et. al. (1982) state the main reasons for forecasting and how forecasts are used. 1) to guide planning of capital requirements for debt and equity 2) to evaluate prospective return on investment on a discounted cash flow basis and to determine working capital requirements 3) to identify periods of cash surpluses and deficits for liquidity management and to guide planning of short term borrowing and investing. Also. to monitor the cash consequences of control over levels of liabilities and assets 4) to conduct a more detailed control of short term investments and borrowings 5) to control the amount of dollars to be invested. applied to reduce loans or to be drawn on credit lines. The bottom line is that managers can no longer survive on hindsight. With larger and larger sums of money riding on ”right" decisions and with profit margins that leave little room for error. the cash flow forecast can be used to plan ahead (Osburn. 1983). The foundation of effective cash flow management are sound techniques for forecasting. Forecasting is not a once-a-year static process drawn off of balance sheets. rather it is a dynamic situation. with frequent alterations. and developed utilizing several sources of information (AICPA. 1986). Knight (1982) refers to forecasting as a multi - faceted requirement drawing on numerous data sources and probably involving several forecasting techniques. By definition a financial forecast for an ENTERPRISE is an estimate of the MOST PROBABLE financial position. results of operations. and changes in financial position. for one or more future periods (AICPA. 198D). Enterprise means an active business for which legimate financial statements could be prepared (Loscalzo. 1982). Most probable means that 15 the assumptions the forecast are based on are what management feels is the most likely outcome (Loscalzo. 1982). A financial forecast should be an objective. logical. supported statement of the most probable financial results (AICPA. 1986). Generally a cash flow forecast is generated after the approaching year’s business plans have been formulated (Loscalzo. 1982). It reflects a business’ ability to generate cash inflows to meet cash demands during a specified period of time (Beehler. 1978). Business plans are assumptions of the outcome of activity based on the current status of the business and available information both internal and external (AICPA. 1986). Some of the assumptions may be explicit. specifically market assumptions and others will be implicit to the business. Therefore. prior to that forecasting decisions are made concerning productive enterprises. marketing strategies and investment programs that will best meet the manager’s objectives (Milling. 1981). Management’s objectives are generally based on physical production goals (ie. amount of milk produced. amount of each crop planted) from this the physical information is converted into a receipt/disbursement structure (Wilkins. 1974). The American Institute of Certified Public Accountants (1986) states that a forecasting system consists of a set of policies. procedures. methods and practices that are used to prepare financial forecasts. monitor attained results relative to the forecast. and prepare revisions or otherwise update the forecast. A forecast should be objective. logical and a statement which supports the most probable financial results (Henke. 1978). Heitger (1986) explains a budget or 16 forecast as dealing with a specific entity which covers a specifc future time period. and is expressed in quantitative terms. There are several reasons that justify the need for forecasting 1) it forces a situation of periodic planning 2) it promotes and encourages coordination of activites in a business 3)it forces management to quantify objectives and goals 4) it provides a framework for performance evaluation 5) it promotes awareness of business costs 6) it orients and directs a firm's activities towards organizational goals (Milling. 1981). Summarized. a forecast forces management to forward plan and to make careful evaluations regarding the business’ future operating practices (Knight. 1982). Aside from broad objectives and goals it forces management to convert these objectives and goals into quantitative terms. and by doing this management has some method with which they can predict Net Income and financial position as a result of a proposed forecast plan (Wilkins. 1974). Osburn. et. a1. (1983) points out that forecasting encourages production. planning and development of marketing strategies. It also prompts management to give attention to long term goals and provides a sound basis for deciding upon short term goals (Henke. 1978). A forecast establishes certain standards that can be used for evaluating the results of operations. and although it is primarily a planning device it also can be used to foster coordination and control within the business (Ferraro. 1981). A business which doesn’t perform any sort of forecasting or budgeting process is committing the resources of a business to a course of action without 17 consideration of the likely results. or the possible opportunity costs involved. Traditional cash flow was a direct measure of Net Income (Wilkins, 1974). Part of Net Income are all aspects and effects on working capital (Hermanson. 1984). Working Capital is defined as all current assets minus current liabilities (Barry. 1983). However. in a traditional sense current assets includes not only cash but also includes inventories and accounts receivables. While current liabilities includes accounts payable. accruals and debt maturities. Barry. et. al. (1983) refers to current assets as cash or near cash items whose values will likely be realized in cash or used up during the normal operating cycle. one year. They represent a group of assets whose conversion to cash will have a relatively small disruptive impact on normal business activity. since all current assets are regarded as highly liquid assets (Barry. 1983). However. even within the grouping of current assets there can be a ranking of most liquid to least liquid (Nelson. 1973). There are several factors which will influence the measure of liquidity of other forms of current assets (accounts receivable. prepaid expenses. inventories of supplies. livestock. crops and feed) such as the timing and market conditions when such items are converted into cash (Barry. 1983). There is often a seasonal aspect which will influence the amount of cash an asset will yield at liquidation which could be a problem when trying to meet cash demands (Nelson. 1973). At any two times during the year the liquidation of an asset may yield a different amount of cash which at one point will be sufficient to meet cash demands and at another point will not be. 18 Barry et. al. (1983) then explains current liabilities as existing obligations that are due within the next year. This can include all acounts payables. accrual payments and charges. and debt maturities. Therefore. it can be said that there are several factors that influence working capital that do not influence cash position or cash flows. There are several arguments for reporting on a cash basis instead of an accrual basis. First of which is the accurate depiction of current business standing which can not be guaranteed when expressed as working capital (Kirkpatrick. 1983). There are several factors. all of which are not based in cash. which contribute to the composition of working capital (Sautter. 1974). Thus it is difficult to consider working capital as an adequate performance measure and statement of financial position. A second argument in favor of cash basis is that of solvency (Bowers. 1974). A business may show an increase in working capital while at the same time not generate enough cash to pay its bills (Sautter. 1974). There are several techniques that can be used to "smooth” or pad working capital to make a business appear more profitable than actual solvency measures would indicate (Bowers. 1974). The recent situation of high interest rates. high rates of inflation and depressed economic conditions make it more likely for a business to realize severe cash flow problems. not problems in working capital (Kirpatrick. 1983). This same problem is likely to occur with an expanding business. Here working capital is expanding. with the increase in inventory and accounts receivable. yet generally there won’t be enough cash to pay the bills (Osburn. 1983). Even the FASB (Financial Accounting Standards Board) agrees with this. as was stated in the FASB report. "Reporting Income, Cash Flows. and Financial 19 Position of Business Enterprises”. Proposed Statement of Financial Accounting Concepts. ”the reporting of meaningful components of cash flows is generally more useful than reporting changes in working capital”. This has become a popular stance not only by small business but large corporations as well. After the FASB report in 1981 the Financial Executives Institute recommended that its members adopt the cash basis of reporting. (Approximately 95% of the companies with securities traded on the New York Stock Exchange and the American Stock Exchange are represented in the Financial Executives Institute). These current developments indicate that financial decisions are based more on cash outlays with expected cash returns. appropriately discounted for time and risk (Orgler. 1976). Therefore. it is being suggested here that in order to accurately manage cash during an accounting period that cash should be the only current asset or liability reported. Additionally Giles (1977) suggests several reasons why reporting on a cash basis makes more sense; 1) cash flow provide a more meaningful record of financial performance. It gets around the problem of being able to demonstrate profits while not generating enough cash to remain solvent. 2) cash flow deals more satisfactorily with inflation since all entries are automatically at current values. 3) cash flow is more suitable for tax purposes. as was previously covered. 4) cash flow basis will result in production of more timely accounting data. Several authors propose methods with which Net Income is converted from an accrual basis to a cash basis - Hermanson’s (1984) Method Accrual basis Net Income + Expenses & Losses not reducing working capital - Revenues & Gains not producing working capital 26 Working Capital from operations + Decreases in current assets(except cash) & Increases in current liabilities Increases in current assets(except cash) & Decreases in current liabilities = Cash from Operations Essentially Casey and Bartczak's (1984) method is the same as Hermanson’s yet they deal directly with the question of depreciation Net Income + Depreciation + traditional cash flow + other expenses not affecting working capital (ie. differed taxes) - revenues not affecting working capital (ie. equity earnings) . Working Capital provided by operations - Increase in Accounts Receivable — Increase in inventory + Increase in Accounts payable + Increase in Accrued Liabilities = Operating Cash Flow First by adding back depreciation. which is a noncash expense. Casey and Bartczak (1984) immediately reflect a more accurate cash basis or what has come to be known in the accounting community as traditional cash flow. Depreciation expense provides a perfect example of an item which has no effect on cash or even working capital. and therefore has no affect on funds provided by operation (Hermanson. 1984). Cash flow from operations are financial measurs of "real" cash flows that actually occurred (past) or could actually occur (future). Reported earnings. such as depreciation. do not measure ”real" cash flows (Hicks. 1986). Depreciation is recorded as a debit to an expense account with a corresponding credit to an accumulated depreciation account (Heitger. 1986). Neither the account credited or debited is a 21 cash or working capital account. therefore, suggesting that the transaction is on paper alone and has no effect on funds (Heitger. 1986). However. an amount for depreciation is deducted when arriving at a figure for Net Income. thus understating funds provided by operations (Casey et. al.. 1984). This is the reason it is one of the first items added back to Net Income when converting it to cash basis. Therefore. the two steps involved in converting net income to a cash basis are 1) convert net income to working capital from operations by either adding back or deducting from net income those items that did not use or provide working capital. 2) convert working capital from operations to cash from operations by including the changes that occurred in current accounts other than cash (Hermanson. 1984). In a sense nullify all nonfund transactions. when funds are described as cash. Wilkins (1974) believes that Net Cash Flow from Operations should not originate from Net Income rather it should be a simple direct measure of receipts and disbursements. What is involved here is first a beginning cash balance which is the previous periods ending balance. Beginning cash balance + Sales Receipts Investment maturities Increase in borrowing Miscellaneous deposits. stock options. etc. - Disbursements for operation Payroll Income taxes Payroll taxes Debt service - Principle & Interest Insurance Premiums Misc. = Net Cash Flow from Operations (Wilkins. 1974) 22 Ending Cash Balance determines whether there is a cash surplus or deficit. The Receipts/ Disbursement method involves itself only with cash in and cash out. It is a direct approach to cash flow . an actual exchange of cash generated by business activity (Wilkins. 1974). Several accounting textbooks are in agreement that cash flow from operations is the net amount of cash received or disbursed on items which normally appear on the income statement. It is this exchange of cash that generates cash flow (Henke. 1978). Therefore. it can be argued that the receipts/disbursement is a more logical approach to cash flow than converting net income to a cash basis (Wilkins. 1974). Cash in and out of a business is caused by several different types of business activity. sales receipts of goods normally held for sale. equity share. income from government programs. interest earned on investment are forms of cash inflows and daily operating expenditures for supplies and goods. payroll. taxes. insurance. debt service are forms of cash outflows (Hermanson.1984). Given a certain level of production the above should be fairly accurate to predict and cash flow should be a fairly constant situation. yet cash flows. in reality. tend to show fluctuations as a result of; some months have five weekly payrolls while others have four. sales tend to be seasonal. therefore payments will fluctuate. debt repayment schedules may vary. in some years prepaid expenses provide desirable discounts while in others they don’t (Loscalzo. 1982). Whatever the reasons may be a cash manager is interested in the net change in cash and the flows of cash. not working capital. because it is cash that pays the bills. TYPES OF FORECASTS 23 Knight (1982) points out that there are several different types of forecasts: INFORMAL FORCASTING FORMAL FORECASTING Causal or Explanatory Single & Multiple Regression Econometric Models TIME SERIES Naive Smoothing Decomposition Filters Autoregressive/Moving Averages SUBJECTIVE ASSESSMENT Ad Hoc. judgemental. or intuitive methods Variations in dependant variables explained by variations in independant one(s). Simultaneous system of multiple regression equations Simple rules such as: forecast equals most recent actual values. or equals last year’s +5% Forecasts are obtained by smoothing. averaging past actual values in a linear or exponential manner A time series is broken down into trend. seasonality cyclicality and randomness Forecasts are expressed as a linear combination of past actual values. Parameters or model can "adapt" to changes in data Forecasts are expressed as a linear combination of past actual values and/or past errors Decision Trees Staff Estimates Juries of Executive Opinion or consensus estimate Anticipatory Surveys & Market Research TECHNOLOGICAL Exploration Normative 24 Subjective probabilities are assigned to each event the approach Bayesian Statistics uses An approach which aggregates staff fore- casts (ie. sales force) Marketing. production and financial executives jointly prepare forecasts Learning about intentions of potential customers. users of business plans Uses todays assured basis of knowledge to broadly assess conditions of the future Starts with assessing future goals. needs, desires. objectives. etc.. and works back- wards to determine necessary developments to achieve goals. etc. In addition to the multitude of types of forecasts there is also a time factor which dictates conditions concerning the type of forecast— Short Term - period of less than one year - assists in the day to day operations of the business. highlights peaks and valleys resulting from seasonal activities. inventory purchases. etc. The short term forecast 25 is the best measure of disparities between cash receipts and disbursements. Intermediate Term - one to three years. used to evaluate 0 companies ability to meet a specific cash requirement. Long Term — greater than three years used for long range planning of acquistions or expansions (Milling. 1981). Since forecasting is an analytical tool used by management within each of the planning periods often two scenarios are prepared. worst case and best case. Worst case uses conservative estimates (ie. high interest rates. low sales. low production. bad weather) - the worst case scenario is often used to determine the maximum amount of debt load a business can carry (Loscalzo. 1982). The best case scenario uses very aggressive estimates and is used to determine the amount of growth a business can expect before expansion and new financing must be obtained (Loscalzo. 1982). And of course there is always the "As Is" case used when forecasting for daily activity (Loscalzo. 1982). With this project there is a combination of several of the techniques. The development of a cash flow system for the case study dairy farms involved a combination of the time series smoothing and technological normative performed on a short term planning period and on on "As Is" basis. DEVELOPMENT OF A FORECAST In procedures and guidelines which should be followed in the development of a forecast the initial step is to establish the goals and/or the objectives of the business which are decided upon by 26 management (Knight. 1982). What is evaluated in determining these goals is the single most probable result of the business activity (AICPA.1986). The goals and objectives of a business are based on certain assumptions about the business. The American Institute of Certified Public Accountants concludes that assumptions provide a reasonable basis for a forecast if 1) management has explicitly identified the factors that will affect a business during a forecasting period and has developed a reasonable set of assumptions in regards to these factors and 2) that the assumptions can be suitably supported. Sources of information concerning assumptions are both external and internal in nature (Knight. 1982). External sources include government and industry publications. economic forecasts. existing or proposed legislation and reports of changes in technology (AICPA. 1986). Internal sources are past budgets. historical financial statements and data. any debt agreements (AICPA. 1986). To insure that assumptions are suitably supported they should be consistent with the sources from which they are derived and with each other. taking care that data used to develop the assumptions is reliable (AICPA. 1986). The American Institute of Certified Public Accounts further states that support for assumptions may include market surveys. general economic indicators. industry statistics. and patterns developed from a business' operating history. and internal data and analysis. accompanied by their supporting argument and theory. In keeping with the current business status. management will consider all the factors which will implicate both the goals and the results of the business. production levels. marketing strategies. and economic conditions (Loscalzo. 1982). In the case of the dairy farm. 27 decisions must be made concerning both the level of milk production. what crops will be cultivated. what crops will be sold/purchased or held for feed. livestock numbers. replacements for sale. raising dairy steers. etc. From these decisions a forecast of sales can be projected. based on certain market conditions. This sales forecast will serve as the heart of the entire forecast. as the remainder of the forecast is intrinsically connected to the sales forecast (Heitger. 1986). The next step is to apply a dollar value and quantify the sales forecast into projected cash receipts (Heitger. 1986). Following this will be a method of projecting disbursements. The amount of disbursements is directly related to the level of forecasted sales. There are two catagories of disbursements: 1) pay operating expenses 2) retire debt. Retiring debt includes paying off both principal and interest of a loan (Wells. 1974). Pay for purchases involves the payment for goods and supplies necessary for the production of operating goals and pay operating expenses will include the remaining factors involved in production. such as labor (Milling. 1981). Once sales and disbursements have been determined the two projections must be interrelated to measure the net effect they will have on cash reserves each month. identifing months where there is either a cash surplus or deficit (Milling. 1981). Suggested guidelines for the preparation of a forecast are 1) that the forecast reflects the identified assumptions and business plans 2) the assumptions are suitably supported 3) the computations involved in quantifing the assumptions are mathematically correct 4) the assumptions are internally consistent 5) accounting practices used in the forecast are generally accepted accounting principles 6) forecasts 28 should be based on the best available information 7) adequate documentation of the forecast and the forecasting process should accompany the forecast (AICPA. 1986). USES OF A COMPLETED FORCAST The entire process of forecasting would be futile if the forecast itself is never used to monitor actual cash flows (Wells. 1974). When a forecast and actual cash flow activity come together. on a regular basis in management reports. it allows for performance monitoring and indicates where decisions need to be made (Henke. 1974). It also shows in quantitative terms the effects of past decisions and how they altered cash flow for the business (Wells. 1974). It is during this monitoring process that management makes decisions concerning how to correct cash shortages or what should be done with cash surpluses (Knight. 1982). A forecast and monitoring process is useful not only to management but also by creditors or lending institutions. Information gleaned off of cash flow reports provides insight as to: 1) the extent to which internally generated funds cover projected capital needs. 2) management’s preferences toward financing and investing activities. 3) the business’ ability to make principal and interest payments on its debt. and 4) whether. within the constraint of given resources. on expansion is feasible (Hermanson. 1984). Lenders also want to see business plans and financial projections or forecasts. before making commitments. because by forecasting management demonstrates sound planning techniques (Bowers. 1974). Initially a forecast can be used by a lender to study the business and make judgements regarding the levels of capital investment and debt the business can carry (Nelson. 29 1973). It also indicates the level of the productivity of fixed assets (Sorter. 1982). The financial analyst uses cash flow forecasts as an indicator of total funds available to the company from the period’s operations for replacement. expansion. reduction of debt and increases in working capital (Wells. 1974). Lenders and financial planners are becoming increasingly interested in cash flow forecasts vs. traditional, financial statements (Ferraro. 1981). Wells (1974) and the National Association of Accountants (1961) state that the utility of financial statements is improved with the cash flow information incorporated with the "traditional” financial statements. A second important use of a forecast is that it can reduce interest charges by advoiding the need for short term borrowing (Nelson. 1973). When the forecast is initially prepared it gives management time to react to what has been assumed by the forecast for the coming months. within the forecast period (Wilkins. 1974). For example if in four months time management sees that the forecast indicates a cash deficit. this gives management the chance to restructure the receipt/disbursement structure and possibly advoid a cash deficit. Both Henke (1978) and Hermanson (1984) refer to comparisons of actual and forecasted data as a control device. The actions they prescribe involve comparing actual occurences with the forecasted values. from this evaluation deviations will become apparent. At this point the control process of management attempts to determine the cause of any deviations and initiates plans for any remedial action (Henke. 1978). The objective involved in evaluating negative deviations is to 36 determine those which were caused by inefficient management practices. Wells (1974) points out that forecasts are used in the management of cash and its flow because first it provides cash necessary for growth and second a strong cash flow program is helpful in securing added working capital. The National Association of Accountants states that an effective cash program allows any idle cash to be invested in operating assets or in profit yielding securities which will improve a business’ rate of return on cash. A forecast also helps in selecting investment maturity dates. since it demonstrates. for 12 months in advance. where the major cash disbursements. such as operating costs. taxes and debt service, will occur allowing management to plan accordingly (Wells. 1974). An effective cash forecasting program is predicated upon the ability of management involved in forecasting to identify the business’ cash flow problems. patterns and needs (Wilkins. 1974). A good forecast will be based on realistic assumptions and sound data and will provide management with a useful financial planning tool. CHAPTER 3 METHOD OF DEVELOPMENT The Dairy Enterprise Cash Flow model is designed to be an analytical and decision making tool to be used by the financial manager of the dairy enterprise. The model. through a series of related policies. procedures. methods and practices. will be used to develop a cash flow forecast for a dairy enterprise. Based on the information entered by the user. into the model. the model will calculate a series of receipts and expenditures which will be used to calculate a Net Cash Flow figure. Net Cash Flow results will be measured monthly with an annual total figure at the end of a twelve month period. The model was built using the software Lotus 1-2—3. version 1A from the Lotus Development Corporation and a Zenith - 158 PC micro- computer. The reason for choosing Lotus 1-2-3. version 1A is because it is a widely used spreadsheet program designed for the micro-computer for use in business analysis. For a financial analyst the combination of graphics. database management and large spreadsheet capabilities are what makes Lotus 1-2-3. version 1A attractive. Lotus 1-2-3. version 1A has spreadsheet capacity of 256 columns by 2648 rows. and it performs calculations quickly. which allows for ease in seeing how changing one cell entry will alter the Net Cash Flow outcome. This model requires a minimum of 256K in order to perform. although 512K is preferred. The Zenith — 158 PC micro—computer was used because it was what was available to the author. This micro—computer is compatible with the IBM PC micro-computers and operates using MS-DOS 2.6. This model is designed in three sections 1)Data Input 2)Item Calculations and Analysis 3)Final Worksheet Report. Each of the 31 32 sections are dependant on the previous section. The model’s sequence follows a pattern of; first the userr interface which occurs in the Data Input section. second is the model Item Calculation and Analysis of the data that was input in the first section. Third is the final receipts and expenditure Cash Flow report. which is derived from the information generated in the second section. Within each of the three major categories there are four categories which are common to all three Livestock. Crop. Machinery. Farm. These are the four categories that the model uses to determine Net Cash Flow. These categories are a breakdown of the dairy enterprise into income and expenditure classifications. This allows for a more detailed review of the dairy enterprise and will aid the financial manager of the dairy enterprise in making decisions. A sketch of the model and where all the sections are located is schematically shown in the map of the dairy enterprise cash flow sections. 33 MAP OF THE DAIRY ENTERPRISE CASH FLOW SECTIONS (all the lotus cell ranges. by column letter and row number. for each section are listed below each section.) 1) DATA INPUT SECTIONS a) Receipts Information Livestock Federal Programs and Tax Refunds Patronage Dividend Cash Received Miscellaneous Income A1 to F79 b) Market Assumptions Table Livestock Craps Feed Additives Milk Check Deductions 153 to N82 c) Use of Feed in Ration milking cows dry cows heifers 1—2 years heifers < 1 year steers 4R194 to 22 2 d) Sum of Feed needs determined from Amount Fed - for each feed type. $277 to AC3¢¢ e) Expenditure Information Labor Payroll Livestock Feed Determination Inventory Determination Feed Purchase Determination Machinery Expenditures Farm Expenditures A81 to 0257 A 34 2) ITEM CALCULATIONS AND ANALYSIS f) Receipts Milk Sales Cattle Sales Federal Programs and Tax Refunds Patronage Dividend Cash Received A261 to M313 g) Expenditures Labor Payroll Livestock Crop Machinery Farm A317 to 0582 3) FINAL WORKSHEET REPORT h) Annual Net Cash Flow Summary final results of all data input and calculations. Net Cash Flow figures Adjustments Adjusted Net Cash Flow figure A586 to 0684 35 DESIGN OF THE MODEL The model starts with the Data Input section. Within this section there are five subsections receipts information. expenditure information. market assumptions table. use of feed in ration. sum of feed needs for the herd. Starting with the receiprs information section the user will enter all the information that the model requires for calculations of receipts for the dairy enterprise. For the model this means the specifics on livestock numbers. any planned sales of livestock (steers or heifers). federal programs and tax refunds. patronage dividends from the user’s milk cooperative. plus a figure for any miscellaneous income. which will be applied directly to the dairy enterprise. From this information the model will calculate milk sales and cattle sales and then add to those figures the additional receipts information specified by the user. These calculations will all be made in the second section. item calcualtion and analysis. From the second section all the receipts will be transferred to the corresponding headings and the appropriate months in the final worksheet report. The next section in data input relates to he expenditure information. This starts with the payroll information. The user will enter the information. as it pertains to each person on the labor payroll. concerning worker ID. wages. hours per month worked. and what percent of each employees gross wages are fringe benefits. Then the user will enter the total figure for management payroll, which is any employee of the dairy enterprise that is paid a salary instead of hourly wages. Once this payroll information has been entered it will be transferred to the items calculations and analysis section where it 36 will be entered according to the payroll table. Based on the information entered by the user. the model will calculate a gross payroll figure and then make the appropriate additions and reductions for fringe benefits and the employers share of FICA to arrive at the net payroll figure. The livestock expenditure section is the largest and requires the most data input by the user. The reason for this is the calculation of one of the most costly expenditures to the dairy enterprise. feed. In determining the feed costs both feed grown on the dairy enterprise and purchased feeds must be considered. The model must also determine the amount and types of feed needed by the dairy enterprise. The model will first determine. through several calculations. the amount of feed grown by the dairy enterprise. then this is compared to the total amount of feed needed for the herd. These calculations are performed on individual crop basis. Therefore. the user enters information on what crops are grown. and total acreage planted of each crop. the average yield of the crop. what the inventory level of each crop is at the outset. and when crop production and its additon to inventory amount will occur. The model will use this information to determine the inventory levels of each crop. Then the model will perform two different feed needs determinations. First. the model will use a procedure to estimate feed needs for the entire herd. Using the estimated feed needs table the user will select values for forage and grain to be fed based on milk production per cow and forage quality for the dairy enterprise. The values on the estimated feed needs table are given for dry matter needed/animal/365 days. This is inclusive of a 66 day dry period for milking cows. fed about 28 pounds dry matter 37 hay/day. This includes feeding and storage losses (Thomas. 1985). The user will then input the selected values. from the estimated feed need table. in the total needs table under the appropriate headings for tons dry matter/head forage needs and pounds dry matter/head grain needs. Based on the number of head. in each group. the total ton dry matter per year for grain needs. This calculation. for sum of needs for the herd. is performed on a dry matter basis. The model will calculate the amount of each feedstuffs needed on an as-fed basis in the next table. feed type as percent of the total ration. The user now specifies what percent of the total forage fed is either hay. haylage. corn silage or some other type of forage and what percent of total grain fed is corn. protein supplement or some other type of grain. Based on these percentages and the total amount of forage and grain needed the model will first calculate the total dry matter of each feedstuff needed and then the model will convert this to an as-fed basis. The procedure to convert forage values to an as—fed basis is to divide ton hay dry matter by .87. divide ton of 55% dry matter haylage by .55. and divide to 35% dry matter silage by .35 (Thomas. 1985). Convert grain values to as-fed by dividing lb corn dry matter by .76 and dividing lb protein supplement or other grain dry matter by .89 (Thomas. 1985). The model uses these values when converting from a dry matter to an as-fed basis. For the breakdown of percentages for a grain mix a 12% grain mix requires 96% corn and 16% soybean meal (44% protein soybean meal) or the equivalent; a 14% grain mix requires 85% corn and 15% soybean meal. a 16% grain mix requires 86% corn and 26% soybean meal. and an 18% grain mix requires 74% corn and 26% soybean meal or the equivalent (Thomas. 1985). 38 The second method to determine feed needs starts with the use of feed ration table. In this table the user will enter the amounts actually fed/head/day of each feedstuff for the milking cows. dry cows. heifers 1-2 years. heifers less than one year and steers. The model will use these amounts multiplied by the number of head per group to arrive at a daily feed needs figure. The daily needs figure will be multiplied first by the number of days for a monthly and then by 365 days for annual needs. The montly needs are all totaled. for each feedstuff. into the sum of monthly feed needs from amounts fed table. At the conclusion of the two procedures the model will display the results of both procedures for commparative purposes. It will disp[lay total forage and grain needs as determined by procedure one and those determined by procedure two. These values will be shown side by side to be used by the user for comparative purposes on how much procedure one calculates for feed needs and how much the user is actually feeding. This may indicate the need to either evaluate the cuurent ration being fed or the crop program to accomadate feed needs more closely. This is not a ration balancer nor is it a ration evaluator. this is simply a method of determining the feed supply needed for the dairy enterprise. The last item which needs to be determined. for feed expenditures. are the amount of feed additives needed based solely on what the user specifies as its needs. From the feed determination section the model moves on to the inventory determination section. An inventory value will be determined for all of the feedstuffs for each month. The equation for determining inventory values uses a beginning inventory value adds to that any additions to that inventory through crop production to determine an 39 overall amount on hand of each feed then subtracts from that the animal needs to arrive at an ending inventory value. The beginning inventory value will come from one of two places either the start-up inventory value specified by the user. for the first month. or it will be the previous months ending inventory value. The values for porduction will be determined by two previous tables crop production occurrence. which indicates when harvest of a crop will occur and how many acres will be involved. and feed produced. which will multiply the number of acres harvested by the average yield of that crap. This calculation will be added to the beginning inventory value. for the months in which production occurs. to arrive at the total amount on hand figure. The figures used for animal needs will be those totals from the sum of monthly feed needs from amounts fed (procedure two) for each feedstuff. This will be subtracted form the amount on hand to arrive at the ending inventory values. Once the ending inventory values have been determined the model will test to see where and when purchases are needed. If an ending inventory value is negative. indicating that the inventory levels won't support the dairy enterprise that month. the model will automatically purchase the deficient amount ofthat feedstuff. The purchase price. for the feed. will be taken from the market assumptions table. When a purchase of any particular feed is necessary then the beginning inventory for the subsequent month will be zero. The values for crop production are figured on a bushel/acre basis for corn. soybeans. wheat. barley and oats and the prices in the market assumptions table are on a dollars/bushel basis for the same feedstuffs. Yet. in the feed needs determinations these same 46 feedstuffs are calculated on a per pound basis. Thus. there is a problem with units of measure which must be resolved before any calculations of inventory or emade for corn. soybeans. wheat. barley. and oats. In the evaluation of inventory levels and in determining feed purchases it becomes necessary to convert from bushels to pounds. The conversion factors used are; corn 35 1b/bushel single bushel. 76 lb/bushel double bushel. soybeans 55 lb/bushel. wheat 66 lb/bushel. barley 48 1b/bushel. cats 32 lb/bushel. During the inventory evaluation the other feedstuufs. alfalfa hay. alfalfa haylage and corn silage. are reported on a per ton basis (as they are throughout the entire model). Therefore. conversion form bushels to pounds takes place only in the case of corn. soybeans. wheat. barley and oats. During the first month the values for beginning inventory and total production are converted from bushels to pounds and in each subsequent month all the production amounts as they enter into the inventory calculations will be converted to pounds. Then the feed purchase table will convert back to bushhels any deficits in either corn. soybeans. wheat. barley or oats. in a given month. before it applies the market assumptions price to determine what hte amount of a purchase will be. Feed purchases will be calculated for each of the feedstuffs and then will be added together for a total feed purchase. The value for the total feed purchase will be transferred down to the final report section. The remainder of the livestock. machinery and farm expenditures are all explicitly entered by the user and will be accordingly transferred to the final report section. 41 The model now moves into the second section. Item Calculation and Analysis. The first part of this section is the calcualtion of all dairy enterprise receipts. milk sales. cattle sales. federal programs and tax refunds. cash received from patronage dividends from the milk cooperatives plus any miscellaneous income. Miscellaneous income is any income not addressed by the model specifically which applies to the dairy enterprise. The actual method of calculation of receipts is discussed in the description of the use of the model. In the calculation of dairy enterprise expenditures the model will follow the same procedure as it does for receipts. Using the information from the first section. data input. and a series of equations the model will arrive at monthly expenditure figures for labor payroll. livestock. crops. machinery and farm. Once this has been completed both the calculations for receipts and expenditures will be transferred to the third and final section. The third section is the final worksheet report. The design of the final worksheet is such that along the left column are all of the receipts and expenditures listed. Across the top are the names of the months and an annual total column. The information will enter the worksheet, at the appropriate headings. as it is calculated above. Once all of the values have been entered into the worksheet all of the receipts will be totaled and all of the expenditures will be totaled. The difference between the total receipts and total expenditures will be reported in the net cash flow row. for each month and an annual total. The following row allows the user to adjust the net cash flow according to any changes they might feel are likely to occur. The 42 adjusted net cash flow figures will be reported in the final row of the report. DESCRIPTION OF USE OF THE MODEL. DAIRY ENTERPRISE CASH FLOW FARM NAME: DATE: (must be entered as month abbreviation-day-year) RECEIPTS INFORMATION MARKET ASSUMPTIONS Based on Telfarm guidelines for Inventory Assets for 12/31/86 Livestock: Milk Price $11.66 per cwt. Dairy Calves $56.66 per calf Cull Cows $6.35 per lb Dairy Steers $6.55 per lb Dairy Heifers $666.66 per head Crops: Alfalfa Hay $76.66 per Ton Alfalfa Haylage $37.66 per Ton Corn Silage $16.66 per Ton Corn Grain $1.46 per bu. Soybeans $4.76 per bu. Wheat $2.66 per bu. Barley $1.26 per bu. Oats $1.66 per bu. Feed Additives: Protein Suppl $135.66 per Ton Minerals $566.66 per Ton Salt $266.66 per Ton Buffers $566.66 per Ton Milk Check Deductions: Equity Retain 6.75 % Dues 6.75 % Milk Hauling $6.45 per cwt ADA & Milk Prom. $6.15 per cwt Whole Herd Buyout $6.46 per cwt Gramm—Rudman $6.12 per cwt The Market Assumptions Table is designed to provide information concerning the market value of the dairy enterprise items. It is 43 broken down into four sections - Livestock. Crops. Feed Additives ( all feedstuffs not grown on the farm ). and Milk Check Deductions. The individual items and units of measure are held constant while the dollar value for each item varies based on current market conditions. The existing values are taken from the values that Telfarm is reporting for 12/31/1986 to be used in inventory valuation. These values will be used in the calculation of receipts. from milk sales and cattle sales. for the calculation of expenses pertaining to feed purchases. and reductions in receipts due to milk cooperative’s deductions from gross milk sales. LIVESTOCK INFORMATION Number of cows 6 milking 6 dry 6 heifers 1-2 yr 6 heifers (1 yr 6 steers 6 Avg. Daily Milk Prodn. 6 Dairy Steers sold? number— 6 Dairy Heifers sold? number- 6 Livestock Information includes information pertaining to the milking herd numbers. First the total number of milk cows are input and then broken down into the number that are milking and dry. The number of heifers 1-2 years of age and the number of heifers less than one year old. Last the total number of steers being held for sale. These numbers will be used in calculating milk sales. cattle sales and in determining the amount of feedstuffs necessary for one year (the reason for breaking out the numbers into specific categories). FEDERAL PROGRAMS & TAX REFUNDS Fed. & State Gas Refund 6 44 State RL-Tax refund 6 PATRONAGE DIVIDEND CASH RECEIVED 6 Miscellaneous Income 6 The above items are all income items that are expilicitly entered by the user. Based on what the user expects in the way of receipts from each of these items. EXPENDITURE INFORMATION The expenditure section includes all the information pertaining to Livestock. Crops. Machinery and Farm expenditures. This information is used to calculate all the expenditures that will be used for calculating the Net Cash Flow figure. PAYROLL INFORMATION Worker ID 6 6 6 Wages $6.66 $6.66 $6.66 Hours/Month 6 6 6 Fringe Benefits % 6% 6% 6% Management Payroll $6 In the payroll section each employee is given an identification number and then the information about that employee’s wages. hours worked per month. and what percent of their gross pay will be fringe benefits are entered. The management payroll includes all employees which are paid on a salary basis rather than hourly wages. This includes family draw on the business. LIVESTOCK EXPENDITURE Crop Information 45 The Crop Information section contains the information about which crops will be grown for the dairy enterprise in the next year. the average yield of those crops and what the inventory amount currently being held in in storage is. Crop Types - indicate total acreage Alfalfa Hay 6 Alfalfa Haylage 6 Corn Silage 6 Corn — Grain 6 Soybeans 6 Wheat 6 Barley 6 Oats 6 Average Yield Alfalfa Hay 6 T/acre Alfalfa Haylage 6 T/acre Corn Silage 6 T/acre Corn - Grain 6 bu/acre Soybeans 6 bu/acre Wheat 6 bu/acre Barley 6 bu/acre Oats 6 bu/acre Inventory at start up Alfalfa Hay 6 T Alfalfa Haylage 6 T Corn Silage 6 T Corn - Grain 6 bu Soybeans 6 bu Wheat 6 bu Barley 6 bu Oats 6 bu The Crop Production Occurrence table is designed to schematically demonstrate at what times during the year the different crops grown. for the dairy enterprise. are harvested and added to inventory. When there is no harvest the user enters a 6 under the month and by the appropriate crop. When there is harvest then the user enters the number of acres that will be harvested under the appropriate month by the crop harvested. 46 CROP PRODUCTION OCCURRENCE enter 6 if there is none or indicate the number of acres if there is harvest added to inventory JAN FEB MARCH APRIL MAY JUNE (etc.) Alfalfa Hay Alf. Haylage Corn Silage Corn - Grain Soybeans Wheat Barley Oats The Feed Produced Table will determine the amount of each crop that will be added to inventory. This is based on the number of acres that the user designated for harvest in the Crop Production Occurence table. FEED PRODUCED No. Average Crop Type acres x yield/acre = total production Alfalfa Hay 6 6 6 Alfalfa Haylage Corn Silage Corn - Grain Soybeans Wheat Barley Oats ESTIMATED FEED NEEDS - PROCEDURE ONE In this next section the total amount of feed needs. for one year. for all milking cows. heifers and steers will be estimated. Values are chosen from the table. Estimated Feed Needs. based on milk production per cow and forage quality for the dairy enterprise. Based on this decision. the user transfers the appropriate values for Tons of Dry Matter per head for forage and lbs. of Dry Matter per head for grain to the next table Total Needs. The table. Total Needs. will calculate an 47 0 annual basis the total forage needs and total grain needs for all the milking cows. and heifer groups. and any steers. which are automatically accounted for in the calculation. ESTIMATED FEED NEEDS ~ 365 days Forage Quality Milk Prodn DM Law Med High per consumed Forage Grain Forage Grain Forage Grain cow lb/yr lb/cow/day T DM 1b DM T DM 1b DM T DM 1b DM (lb/day) 26666 66 47 4.7 7366 5.1 6666 5.3 6266 18666 66 45 4.7 6866 4.9 6566 5.1 6666 16666 52 43 4.7 6266 4.9 5766 5.1 5466 14666 46 41 4.6 5766 4.9 5266 5.2 4666 Heifers 26 3.9 266 3.8 166 3.6 166 (1-2 yr.) Heifers 1.4 1366 1.5 1656 1.6 966 (<1 yr.) includes feeding and storage losses TOTAL NEEDS — the model automatically enters values for steers Forage Needs Grain Needs No. of head T DM/head T/yr. 1b. DM/head Lb/yr. Cows 6 6 6 6 6 (milking & dry) Heifers 6 6 6 6 6 (1-2 yr.) Heifers 6 6 6 6 6 Sum of needs for the herd. 6 T 61b (accounts for steers) 48 In the Feed Type as a % of Total Ration table the user will enter as a percent the amount of forage which is hay. haylage. corn silage or any other forage type that is fed. The same procedure is followed for grain, with the user entering as a percent the amount of grain which is corn. protein supplement. or any other type of grain that is fed. The model will then calculate what percent of the total forage or grain rations are for each of the feedstuffs on a Dry Matter and As Fed basis. FEED TYPE AS % OF TOTAL RATION total percent x amount DM As Fed Hay % of total forage 6 6 6 6 Haylage % of total forage 6 6 6 6 Corn Silage % of total forage 6 6 6 6 Other % of total forage 6 6 6 6 Corn % of total grain 6 6 6 6 Protein Suppl. % of total grain 6 6 6 6 Other % of total grain 6 6 6 6 Other % of total grain 6 6 6 6 The next step for the user is to input the amount of feed additives fed each cow daily on a per pound basis. FEED ADDITIVES enter the amount fed/cow/day Minerals lb. Salt lb. Buffers lb. USE OF FEED IN RATION - PROCEDURE TWO The second procedure will determine the total herd needs for each of the feeds grown on the dairy enterprise. First the user enters what the current ration being fed is. in terms of pounds per day of each of the feeds. Then the table determines the needs for milking cows. the dry cows. and then for each of the heifer groups (again any steers will be accounted 49 for). These calculations are then all added together to arrive at the total sum of feed needs for the herd. USE OF FEED RATION 1b/cow/ No. of Daily Total Total day milking feed monthly annual cows needs needs Feeds fed milking cows. avg. Alfalfa Hay 6 6 6 6 6 T Alfalfa Haylage 6 6 6 6 6 T Corn Silage 6 6 6 6 6 T Corn-Grain 6 6 6 6 6 lb Soybean Oil Meal 6 6 6 6 6 lb Wheat 6 6 6 6 6 lb Barley 6 6 6 6 6 1b Oats 6 6 6 6 6 lb Soybeans 6 6 6 6 6 lb Feed needs for dry cows. avg. dry period - 66 days Alfalfa Hay 6 6 6 6 6 T Alfalfa Haylage 6 6 6 6 6 T Corn Silage 6 6 6 6 6 lb Corn—Grain 6 6 6 6 6 lb Soybean Oil Meal 6 6 6 6 6 lb Wheat 6 6 6 6 6 1b Barley 6 6 6 6 6 lb Oats 6 6 6 6 6 1b Soybeans 6 6 6 6 6 lb avg. lb/ No. Daily Total Total day/ heifers feed monthly annual heifer needs lb needs needs Feeds for heifers 1-2 yr. Alfalfa Hay 6 6 6 6 6 T Alfalfa Haylage 6 6 6 6 6 T Corn Silage 6 6 6 6 6 T Corn-Grain 6 6 6 6 6 lb Soybean Oil Meal 6 6 6 6 6 lb Wheat 6 6 6 6 6 1b Barley 6 6 6 6 6 lb Oats 6 6 6 6 6 lb 56 Feeds for heifers < 1 yr. Alfalfa Hay 6 6 6 Alfalfa Haylage 6 6 6 Corn Silage 6 6 6 Soybean Oil Meal 6 6 6 Wheat 6 6 6 Barley 6 6 6 Oats 6 6 6 Feeds for Steers Alfalfa Hay 6 6 6 Corn Grain 6 6 6 SUM OF MONTHLY FEED NEEDS FROM AMOUNTS FED SQGQSQQ 6 6 Alfalfa Hay Alfalfa Haylage Corn Silage Corn-Grain 4:4 4 Soybean Oil Meal lb Wheat 1b Barley Oats lb Grain 1b Calf Starter Milk (Colostrum) Soybeans QQQQQQQQQQQQ H 0' This same table appears with the annual totals as well. QSQQQQQ 1b lb 1b 1b Once both procedures to determine feed needs have been calculated then a comparison of both sets of results is made. COMPARISON OF FEED NEED ESTIMATES Procedure 1 2 Forage T T Grain lb lb This table will allow the user to compare the results of procedure one. the method described in Plan Your Feed Supply (Thomas. ration table of procedure two. 1985) and the feed 51 FEEDSTUFFS INVENTORY DETERMINATION Based on all of the above calculations the next step is to determine what the inventory levels will be on a monthly basis. This is calculated by starting with the Beginning Inventory. which is either the start up value input by the user or the previous months ending inventory. Adding to that. Total Production. any production that occurred during that month to arrive at an Amount on Hand. From the Amount on Hand figure the Animal Needs for that month are subtracted. The resulting figure will be the Ending Inventory value for that month. The Ending Inventory value will appear each month for each crop. INVENTORY DETERMINATION Beginning Inventory +Total Production Amount on Hand -Animal Needs Ending Inventory INVENTORY TIMING TABLE JAN FEB MARCH APRIL MAY JUNE (etc.) Alfalfa Hay Alfalfa Haylage Corn Silage Corn- Grain Soybeans Wheat Barley Oats FEED PURCHASES The Feed Purchase table will determine when feed purchases are necessary based on what the ending inventory values. from the Inventory Timing Table. are. If there is a deficit in any of the feeds the model will automatically purchase the amount of feed needed at the price entered in the Market Assumptions Table. At this point the ending inventory value 52 for that feed will be zero. therefore. the Beginning Inventory value in the succeeding month will also be zero. FEED PURCHASES JAN FEB MARCH APRIL MAY JUNE (etc.) Alfalfa Hay Alfalfa Haylage Corn Silage Corn— Grain Soybeans Wheat Barley Oats TOTAL The remainder of the livestock expenditures are entered by the user and will be used later in calculating the total dairy enterprise expenditures. Bedding Price $6.66 per Ton Semen - $/conception = $6.66 Veterinarian Clinic if yes. fee? $6.66 does this include Medicine & Drugs? no=6 yes=1 All Machinery Expenditures and Farm Expenditures are entered by the user. These values will also be used in calculating the total expenditure figure. MACHINERY EXPENDITURES Machine Shop Supplies $6.66 Machinery Leased $6.66 FARM EXPENDITURES Land Rent $6.66 Insurance $6.66 Miscellaneous Expenditures $6.66 53 RECEIPTS The Receipts section will calculate what the receipts should be for the next year based on the information that the user input above and the values from the Market Assumptions table. MILK SALES Milk Sales will use the average daily production level. the market price per hundred weight for milk. and the number of cows to calculate what daily milk sales will be. This figure. in turn is multipled by the number of days in a month to arrive at the monthly milk sales figure. Average daily production — 6 price/cwt. - $11.66 6 no. cows x 6 avg. daily prodn. = 6 Lbs. shipped/day 6 daily prodn x $11.66 price/cwt = $6 daily income no. of days/month x daily income a dollars/month 31 x $6 $6 36 x $6 $6 28 x $6 $6 CATTLE SALES Dairy Calves- The model will calculate a sales figure for the number of dairy calves sold on the basis that approximately one half of all calves born will be bull calves. The model assumes that all bull calves will be sold as calves. unless the user has previously entered that the dairy enterprise will be raising steers. If the user specified that the dairy enterprise would be raising steers for sale then that number is automatically subtracted from the total number of possible bull calves and the resulting 54 number will be used in figuring dairy calves sales. along with the value from the Market Assumptions Table for dollars per calf. Dairy Calves calf/cow(cow no.) . x 1/2 . 6 no. bull calves 6 a no. bull calves for sale (— dairy steers for sale) 6 no. bull calves/12 = 6 no. bull calves/month 6 no. bull calves x $56 per calf a $6 monthly Cull Cows- An average cull rate of 33%. or about one third of the milking herd. is used in figuring sales from cull cows. The total number of cows multiplied by 33% and then divided by twelve months will be the number of cull cows per month. Assuming an average weight of 1466 lbs per cow. this is multiplied by the value per pound for cows. from the Market Assumptions Table. for a monthly sales figure. Cull Cows Cull Rate . 33% of no. cows unless otherwise specified 6.33 x 6 no. cows = 6 no. cows culled/12 = 6 cows culled 1466 lbs(assumed avg. wt.) x $6.35 per 1b. = $496.66 gross $496.66 gross/cow x 6 no. cows culled/month = $6 monthly Dairy Steers- A figure for sales from steers is determined only if the user previous stated that the dairy enterprise would be raising steers. Once this has been established. the model assumes a weight of 1666 pounds per steer. at sale time. multiplied by the value per pound for steers. from the Market Assumptions Table. will result in a sales figure per steer. This figure is then multiplied by the number of steers being sold. then divided by twelve which results in the monthly sales figure for steers. Dairy Steers no. steers 1666 lb. steers x $6.55 per lb - $556.66 per steer 6 no. steers x $556.66 = $6 total 6 total/12 . $6 monthly 55 Dairy Heifers— The model will assume that all heifers will be raised as replacement heifers. unless specified by the user that a certain number will be sold. Based on this number and the value for heifers from the Market Assumptions Table a yearly sales figure is calculated divided by twelve for a monthly sales figure. Dairy Heifers no. heifers sold a 6 6 no. heifers x $666 a $6 total $6 total/12 = $6 monthly The figures for the next three items are transfered in according to what had been previously entered as values for these items by the user. FEDERAL PROGRAMS AND TAX REFUNDS Fed. & State Gas Refund $6 State RL—tax refund $6 PATRONAGE DIVIDEND CASH RECEIVED $6 EXPENDITURES Labor Payroll- The payroll for the dairy enterprise is calculated using the figures that the user previously entered. The first three items. worker ID. wages. and hours/month. are transferred in from where they were previously entered. The model then calculates the gross payroll figure by multiplying wages by the hours/month worked figures. The gross payroll figure is then multiplied by the percent for fringe benefits and the employers share of FICA to arrive at the net payroll figure. The management payroll figure is calculated by using the total management payroll figure entered previously and dividing that by twelve to arrive at a monthly sum. 56 Labor Payroll Total Worker ID 6 6 6 6 6 Wages $6.66 $6.66 $6.66 $6.66 $6.66 Hours/Month 6 6 6 6 6 Gross Payroll $6 $6 $6 $6 $6 Fringe Benefits $6 $6 $6 $6 $6 FICA $6 $6 $6 $6 $6 Net Payroll $6 $6 $6 $6 $6 Management Payroll $6.66 monthly LIVESTOCK EXPENDITURES Feed - The need to purchase any feed is determined by the previous calculations for total feed needs and feed purchases based an ending inventory. Feed Type — amount needed x price = total expenditure dollars Feed Supplements- The model assumes that the dairy enterprise purchases all of its protein supplement. The value that was previous calculated for protein supplement needs. on on As Fed basis. from the Feed Type % of Total Ration Table. is transferred into this table and multiplied by the value for protein supplement from the Market Assumptions Table for a total expenditure figure. This figure is then divided by twelve to arrive at a monthly figure. Feed Suppl. - Protein Suppl. (assume soybean oil meal) needs x $6.66 per T - $6.66 Total expenditure/12 = $6.66 monthly Feed Additives— Feed Additives are calculated by multiplying the value for each additive, from the Market Assumptions Table. by the amount needed. which was previoulsy input by the user. The user will input the needs on a daily per cow basis. At this point in the model it will multiply the individual 57 cow needs by the number of cows in the milking herd. and converts that figure from pounds to tons. Once a figure for each additive is calculated it will then add those together to arrive at a monthly total figure for feed additives. Feed Additives - minerals. salts. buffers per ton mineral $566.66 x 6 needs $6 total expenditure/12: $6 monthly $6 total expenditure/12 = $6 monthly buffer $566.66 x 6 needs = $6 total expenditure/12 = $6 monthly salt $266.66 x 6 needs $6 total Livestock Bedding— The model assumes a bedding need of 66 lbs of bedding for every 1666 lbs of dairy cow per month (Mix. et. al.. 1978). Using the previous assumption of 1466 lb dairy cows the bedding need then becomes 84 lbs of bedding per cow per month. This figure is then multiplied by twelve months to arrive at an annual bedding need figure. of approximately a 1666 lbs of bedding per cow per year. To arrive at the total herd needs the model will multiply a 1666 lbs by the number of cows in the herd. This figure is then multiplied by the figure input by the user for bedding price per ton to arrive at a total expenditure figure. Bedding needs 66 lbs of bedding] 1666 lbs of cow/month 84 lbs of bedding] 1466 lbs of cow/month 84 x 12 months = 1666 lbs bedding/year/cow 1666 lbs. x 6 no. cows = 6 total lbs needed 6 Tons needed 6 Tons x $6 . $6 total expenditure/12 a $6.66 monthly Livestock Supplies- The model assumes a livestock expenditure of $56 per cow (AEC Report # 475. 1986). To arrive at a total expenditure figure the $56 is multiplied by the number of cows and then divided by twelve to arrive at the monthly expenditure figure. 58 Livestock Supplies annual expenditure per cow $56 $56 x 6 cows - $6 total expenditure/12 = $6.66 monthly Breeding Service- The figure that is input by the user. for dollars per conception. is multiplied by the number of cows to arrive at a total expenditure figure. This figure is then divided by twelve to arrrive at the monthly expenditure figure. Breeding Service based on $/conception - semen use 6 cows x $6.66 = $6 total expenditure/12 = $6.66 monthly Milk Check Deductions— The next 6 expenditures. Equity Retain. Dues. Milk Hauling. ADA & Milk Promotion. Whole Herd Buyout. and Gramm Rudman are in reality reductions to gross milk sales made by the milk cooperatives. Each of the deductions is figured by multiplying the value of the deduction. from the Market Assumptions Table. by the figure for gross monthly milk sales to arrive at the monthly deduction figure. Equity Retain - 6.75 % of sales 31 days x 6.6675 x $6 = $6 36 days x 6.6675 x $6 = $6 28 days x 6.6675 x $6 = $6 Dues - 6.75 % of sales 31 days x 6.6675 x $6 = $6 36 days x 6.6675 x $6 = $6 28 days x 6.6675 x $6 = $6 Milk Hauling - $6.45 per cwt lbs shipped/day/166 - cwt. 6.45 x cwt. 31 days x 6.45 x 6 = $6 36 days x 6.45 x 6 = $6 28 days x 6.45 x 6 = $6 59 ADA & Milk Promotion — $6.15 per cwt lbs shipped/day/166 . cwt. 6.15 x cwt. 31 days x 6.15 x 6 = $6 36 days x 6.15 x 6 = $6 28 days x 6.15 x 6 = $6 Whole Herd Buyout - $6.46 per cwt lbs shipped/day/166 = cwt. 6.4 x cwt. 31 days x 6.4 x 6 = $6 36 days x 6.4 x 6 = $6 28 days x 6.4 x 6 = $6 Gramm-Rudman — $6.12 per cwt lbs shipped/day/166 = cwt 6.12 x cwt. 31 days x 6.12 x 6 = $6 36 days x 6.12 x 6 = $6 28 days x 6.12 x 6 = $6 Livestock Marketing- The figure for Livestock Marketing is calculated by multiplying the percent for marketing. input by the user. by the total sales figure calculated previously. Livestock Marketing - figure as a % of sales 6 % Veterinarian Service- The expenditure for Veterinarian Service is calculated one of two ways. Either the expenditure is what was specififed as the monthly clinic fee. or it is based on a $66 annual expenditure per cow (AEC Report #475. 1986). If there is no monthly clinic then the model automatically assumes the $66 rate multiplied by the number of cows for a total annual expenditure. The total annual expenditure is then divided by 12 to arrive at the monthly expenditure figure. Veterinarian Service Monthly Clinic - if yes fee/clinic if no - $66 annual expenditure / cow $66.66 x no.cows= total expenditure/12 2 monthly expenditure $66.66 x 6 - $6 total expenditure/12 . $6.66 monthly 66 Medicine and Drugs- As with Veterinarian Service. the expenditure figure for Medicine and Drugs is determined one of two ways. Either it is part of a monthly clinic fee or the model assumes an expenditure of $15/cow annually (AEC Report # 475. 1986). When it is not part of a monthly clinic fee then the model assumes the $15 rate and multiplies that by the number of cows for a total annual expenditure. The total annual expenditure is then divided by twelve to arrive at the monthly expenditure figure. Medicine and Drugs if included in monthly clinic $6 if not an included expenditure average $15/cow annual $15.66 x no.cows= total expenditure/12 a monthly expenditure $6.66 x 6 . $6 total expenditure/12 = $6.66 monthly CROP EXPENDITURES The expenditure figures for Crop Expenditures are figured by the same method for each of the crops grown. The categories that are considered towards crop expenditures are Seeds and Plants. Fertilizer. Herbicides and Insecticides. Crop Supplies. Irrigation Power. Lime. and Drying Fuel. A budgeted value for each of these was derived. as it pertains to each of the crops. from the AEC Report #475 (1986). Each of the individual crop tables will then multiply this budgeted value by the number of acres of each crop that are to be grown. Once each of the individual crops has been calculated. then each of the different categories are totaled to arrive at an overall crop expenditure figure. Alfalfa Hay no. acres Seeds & Plants $6.66 x 6 = $6 Fertilizer $33.66 x 6 = $6 Herbs. & Insects $7.25 x 6 = $6 Crop Suppl $14.66 x 6 = $6 Irrigation Power $6.66 x 6 = $6 Lime $6.66 x 6 = $6 Alfalfa Haylage Seeds & Plants Fertilizer Herbs. & Insects Crop Suppl Irrigation Power Lime Corn Silage Seeds & Plants Fertilizer Herbs. & Insects Crop Suppl Irrigation Power Lime Corn Grain Seeds & Plants Fertilizer Herbs. & Insects Crop Suppl Irrigation Power Lime Drying Fuel Soybeans Seeds & Plants Fertilizer Herbs. & Insects Crop Suppl Irrigation Power Lime Wheat Seeds & Plants $32.86 x Herbs. & Insects Crop Suppl Irrigation Power Lime Oats Seeds & Plants Fertilizer Herbs. & Insects Crop Suppl Irrigation Power Lime Barley Seeds & Plants Fertilizer Herbs. & Insects Crop Suppl $6.66 $44.45 $7.25 $6.66 $6.66 $6.66 $26.66 $54.66 $23.66 $6.66 $6.66 $7.26 $19.66 $22.66 $15.26 $6.66 $6.66 $4.56 $17.56 $8.46 $6.86 $18.15 $6.66 $6.66 $4.56 $16.86 $6.85 $6.66 $6.66 $4.56 $8.66 $8.66 $6.65 $6.66 $6.66 $4.56 $13.66 $18.16 $6.65 $6.66 X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X 61 no. GISIGISISHG no. GIGISISIGISI no. GISICIGIGIEIGI no. SIGISIGIGIEI no. $6 no. GIGISISIGISI no. acres OCFGS OCFGS acres acres acres acres $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 Fertilizer 62 Irrigation Power $6.66 x 6 = $6 Lime $4.56 x 6 TOTAL CROP EXPENDITURES Seeds & Plants $6 Fertilizer $6 Herbs & Insects $6 Crop Suppl $6 Irrigation Power $6 Lime $6 Drying Fuel $6 MACHINERY & FARM EXPENDITURES Equipment Repair— The expenditure figures for equipment repair are calculated by using budgeted figures from the AEC Report #475 (1986) for Dairy cows and replacements plus each of the different crops grown. These budgeted figures are then multiplied by either the number of cows or the number of acres of each crop grown. to arrive at a total expenditure figure. All of the individual expenditure figures are then added together to arrive at the total annual expenditure for Equipment Repair. This figure is then divided by twelve to arrive at a monthly expenditure figure. Equipment Repair Dairy cow & 58 x no. cows $58.66 x 6 = $6 replacement Alfalfa Hay 36.9 x no. acres $36.96 x 6 = $6 Alfalfa Haylage 32.9 x no. acres $32.96 x 6 = $6 Corn Silage 22 x no. acres $22.66 x 6 = $6 Corn Grain 18 x no. acres $18.66 x 6 = $6 Soybeans 16 x no. acres $16.66 x 6 = $6 Wheat 16 x no. acres $16.66 x 6 = $6 Barley 16 x no. acres $16.66 x 6 = $6 Oats 16 x no. acres $16.66 x 6 = $6 total expenditure/12 . monthly expenditure Machine Shop Supplies and Machinery Lease— The expenditures for Machine Shop Supplies and for Machinery Leased is based on the values input by the user previously in the model. 63 Machine Shop Supplies = $6 Machinery Leased is there machinery leased? if yes - cost = $6.66 Gasoline and Fuel. Building and Improvement Repair. and Utilities- The expenditure figures for Gasoline and Fuel. for Building and Improvement Repair and for Utilities are calculated by using budgeted figures from the AEC Report #475 (1986) for Dairy cows and replacements plus each of the different crops grown. These budgeted figures are then multiplied by either the number of cows or the number of acres of each crop grown. to arrive at a total expenditure figure. All of the individual expenditure figures are then added together to arrive at the total annual expenditure for Gasoline and Fuel. for Building and Improvement Repair and for Utilities. This figure is then divided by twelve to arrive at a monthly expenditure figure. Gasoline & Fuel Dairy cow & 16.6 x no. cows $16.66 x 6 = $6 replacement Alfalfa Hay 16.7 x no. acres $16.76 x 6 = $6 Alfalfa Haylage 18.35 x no. acres $18.35 x 6 = $6 Corn Silage 11 x no. acres $11.66 x 6 = $6 Corn Grain 9.9 x no. acres $9.96 x 6 = $6 Soybeans 9 x no. acres $9.66 x 6 a $6 Wheat 7 x no. acres $7.66 x 6 = $6 Barley 6.5 x no. acres $6.56 x 6 a $6 Oats 6.9 x no. acres $6.96 x 6 = $6 total expenditure/12 a monthly expenditure 64 Building & Improvement Repair Dairy cow & 11 x no. cows $11.66 x 6 = $6 replacement Alfalfa Hay 2 x no. acres $2.66 x 6 = $6 Alfalfa Haylage 3.5 x no. acres $3.56 x 6 = $6 Corn Silage 3.5 x no. acres $3.56 x 6 = $6 Corn Grain 2.5 x no. acres $2.56 x 6 = $6 Soybeans 1.5 x no. acres $1.56 x 6 = $6 Wheat 1.5 x no. acres $1.56 x 6 = $6 Barley 1.5 x no. acres $1.56 x 6 = $6 Oats 1.5 x no. acres $1.56 x 6 = $6 total expense/12 = monthly expense Utilities Dairy cow & 66.5 x no. cows $66.56 x 6 = $6 replacement Alfalfa Hay 1.5 x no. acres $1.56 x 6 a $6 Alfalfa Haylage 1.5 x no. acres $1.56 x 6 = $6 Corn Silage 5.5 x no. acres $5.56 x 6 = $6 Corn Grain 2.5 x no. acres $2.56 x 6 = $6 Soybeans 1.5 x no. acres $1.56 x 6 = $6 Wheat 1.5 x no. acres $1.56 x 6 = $6 Barley 1.5 x no. acres $1.56 x 6 = $6 Oats 1.5 x no. acres $1.56 x 6 = $6 total expense/12 a monthly expense LOAN REPAYMENT SCHEDULE- The Loan Repayment Schedule is designed to provide a detailed account of each loan currently held by the dairy enterprise. The user will input a list of the Persons or Firms that loans are owed to. the term of the loan. the balance owed on that loan and the loan rate. Then the model calculates the Payment. Interest. Principal. Monthly Payments. and the Total Payments on all of the loans. LOAN REPAYMENT SCHEDULE Interest and Principal Calculations: Person. Bal. Monthly Total Firm Term Owed Rate Payment Interest Principal Pmt Pmt owed $6 $6 $6 $6 $6 65 Insurance and Miscellaneous Expenditures The expenditure figures for Insurance and Miscellaneous are determined based on what the user previously input. Insurance $6 Miscellaneous Expenditure $6 CHAPTER 4 DISCUSSION As an analytical tool the dairy enterprise cash flow model can be used in several different ways . First the model can be used by the financial manager of the dairy enterprise. This model allows a user to closely monitior and evaluate each of the receipts and expenditure categories. Instead of just overall figures on receipts and expenditures this model gives detailed information on each. The breakdown into the receipts and expenditure categories of livestock. crops. machinery and form allows for evaluation within each of the categories to see where the largest changes in cash flow will occur. Not only can the user benefit from the final report and dollar changes in net cash flow. but there are also several other areas in the model which provide valuable planning information. namely the feed need determinations and feedstuffs inventory level sections. USE OF PROCEDURE TO ESTIMATE FEED NEEDS The first area of interest. from a management perspective. is the calculation for feed need determination. Although both procedures. for determining feed needs. involve information specifically entered by the user procedure one arrives at its final calculation through suggested feeding values from the estimated feed needs table (Thomas. 1985). while procedure two is calculated solely on what the user states is being fed. Therefore, procedure one. based on the average milk production/cow. forage quality on the dairy enterprise. and the number of livestock calculates values for total forage needs and grain needs. Procedure two will calculate total forage and total grain needs based on the values input by the user multiplied by the number of animals and 66 67 either the number of days of the month. for monthly needs. or by 12 months for annual needs. When considered on a comparative basis the values from procedure one are calculated more explicitly than those from procedure two which are based solely on what the user states is being fed. Bringing together the results of the two procedures in one table allows the user to compare the actually occurring values. procedure two against values which are calculated by formulated methods. procedure one. This can act as a check and balance of the dairy enterprise feeding program and cropping program. First. if there are notable differences between the results of both procedures. for feed determination. the user may want to go back and look at the calculations for feed need determinations more closely. Since procedure one is calculated based on a formulated method there is very little that the user can infer in the way of miscalculations here. Procedure two. however. is calculated based on current feeding status and differences between the two procedure’s results may indicate that the current ration may be inadequate. It should be noted that this model makes no attempt to either evaluate or balance a ration. Simply. it may give some indications that there is a problem with the ration based on the total need figures. If a situation of notable differences between procedure one and two occurs the user should reexamine each of the rations being fed. milking cows. dry cows. heifers 1—2 years old. heifers less than one year. and steers. This should be done by means of a ration balancing program. which will use the existing inventory of feedstuffs available to the dairy enterprise. From the results of a reexamination of the current ration the user can now conclude that the current ration is satisfactory. or can change the 68 current ration according to needs. Again. it should be noted that this model makes no attempt to evaluate or balance feed rations. Its purpose is to assist the user in planning a feed supply for a 365 day period. In accordance with this objective the user may also utilize the results of the inventory calculations to adjust the cropping program. for the dairy enterprise. to meet the needed feed supply. USE OF INVENTORY CALCULATIONS The inventory calculations are based on a beginning inventory level plus any feed production minus animal needs. Thus. the inventory levels are a reflection of the feed cropping program. The inventory table will provide the user with an overall scheme of inventory levels for a 12 month period. Based on the inventory calculations the user will have the information to recognize when there are going to be deficits in feed supply or surpluses in feed supply. for a specific feedstuff. In certain instances one of the feedstuffs may have a deficit value for several months. even with any production being added to the inventory levels. while one of the other feedstuffs may have a significant surplus over a 12 month period. The model will automatically purchase the necessary. or deficient amount. of the feedstuff in inadequate supply. yet the model will make no provision to disperse of any surplus feedstuffs. There are several factors for the user to consider here. Namely first. adjustment of the cropping plans for the dairy enterprise to closely match feed needs. Any deficits or surpluses should be advoided since there are costs associated with each. Adjustments in the cropping program can be accomplished through altering the acreage to arrive at more desirable results. 69 Second. given that a satisfactory match of inventory levels and animal needs cannot be reached through the adjustment of acreage. then acreage should be adjusted such that expenditures can be minimized. This can be accomplished by consideration of several factors - the amounts of any surpluses or deficits and the costs involved in holding any surpluses or purchasing needed deficits. Based on the market value of the feedstuffs it may be less costly to incur a deficit in one type of feed versus another. However. the cost of crop production is also a factor to be considered in decisions concerning the dairy enterprise cropping program. The model affords the user a quick and simple method of adjusting crop production factors and reviewing the outcome to arrive at a satisfactory solution for the user. GENERAL USES OF THE MODEL The remainder of the model can be used in a similar fashion. Based on the outcome of a first run. some factors within the model can be adjusted to arrive at a more satisfactory solution for the user. Within both the receipts and expenditures there are values that are implicit to the model and can not be altered. These values can be both the expenditures involved. as well as. numbers involved (1.6. number of possible bull calves. assumed weights of cattle sold. amount of bedding needed. etc.). Other applied values for which the user has no direct control over are the values from the market assumptions table. Although. the user may enter any chosen values into the table. the individual user will not dictate what those values are since they are derived from the current market situation. However. the receipts that the user has direct control over are the number of dairy steers sold and any miscellaneous income which is 76 applied to the dairy enterprise. Miscellaneous income can come in several forms. examples are receipts earned through alternate endeavors. income through off farm employment or loans. The expenditures which the user has direct control over are payroll wages, fringe benefits. management payroll. bedding price. semen costs. machinery lease payments. land rent. insurance. loan repayments and miscellaneous expenditures. It is recognized that all of the items are related to the market situation. of which the user has no direct control. What is implied by direct control of these items is that the user may have the ability to find alternative sources. than those currently involved. which will either yield more in the way of receipts or be a lower expenditure. Working within the confines of market conditions. the user may make efforts to negotiate more desirable options for the dairy enterprise. The values which are implicit to the model have been arrived at through several sources. As previously mentioned the tables for procedure one of feed need determination are from "Plan Your Feed Supply” (Thomas. 1985). Bedding need estimates were calculated based on the value of 66 lbs. bedding/1666 lbs of animal/month (Mix. et. al. 1978). The budgeted figures for livestock supplies/cow. veterinary services. medicine and drugs. crop expenditures. gasoline and fuel. building improvements and repair. and utilities are based on reported budget values in the Michigan State University Agricultural Economics Report No. 475. ”Michigan Crops and Livestock 1986 Estimated Budgets". The source of data for the grain and livestock prices budget figures are estimations by agricultural economists at Michigan State University. The seed. fertilizer and chemical costs are based on 71 ingredient costs from commercial sources. The dairy budget figures were taken from Telfarm (Michigan State University farm accounting and records system) yearly summaries and increased to 1986 price levels (AEC Report # 475). All of these budget production costs are estimations and may not accurately apply to a certain dairy enterprise. The user can adjust for individual situations through either the miscellaneous expenditure figures in the expenditure section or through the adjusted miscellaneous row at the bottom of the final worksheet report. Although the budgeted values are estimates. they provide a reasonable expectation of what expenditures will be. The final section of this model, the final worksheet report. can be useful not only to the user of the model but also to the financial officer of lending institutions that the dairy enterprise is associated with. This report indicates the bottom line as to where and what the flows of cash will be in a 12 month period. From a users point of view it allows for any adjustments to be made to improve cash flow position. through the adjusted miscellaneous row. This report also provides the user with valuable information necessary to perform effective tax management. The objective of tax management is to maximize after tax income. Given the information provided by the model the user is better equipped to utilize available tax options. such as income and expense shifting (as a means of reducing taxable income). depreciation methods and retirement programs. All of which have an impact on after tax income. This also give the user the opportunity to decide if adding to either feed or crop inventories. through prepaid purchases. is advantageous based on the outcome of net cash flow. 72 A second area of decision making which can be greatly influenced by the outcome of this model is capital asset acquisition or depletion. The results of this model. the net cash flow. will demonstrate whether or not the dairy enterprise can support the acquisiton of a new capital asset. or if the dairy enterprise is possibly over extended and should think about a reduction in current capital assets. Decisions concerning capital assets are generally closely connected to the loan schedule and the ability of the dairy enterprise to support loan payments (ie. repayment capacity). Given the information in the final report the user is given the opportunity to review the existing loan payment schedule and determine whether this schedule is acceptable as is or if the restructuring of debt payments may be necessary. With the knowledge of what cash flows are expected to be it becomes apparent if the current loan schedule is feasible and can be supported by the dairy enterprise or if a change is necessary. The result of net cash flow can also be an indicator of a dairy enterprises ability to handle additional debt. CHAPTER 5 RESULTS REVIEW OF APPENDIX A CASE EXAMPLE In reviewing the outcome of the example (Appendix A) many of the items which were just discussed. in terms of using the model become apparent here. Starting with the table which compares feed need estimates for the year. There are considerable differences between both the forage and grain estimates in procedure one and two. In both estimates procedure one is greater than procedure two. After reviewing the methods used in calculating procedure one and deciding that they are based on realistic assumptions then procedure two must be reviewed. At this point the user would closely evaluate the ration that is currently being fed. This may be done by means of a ration balancer or evaluator. What ever the method of choice is. the ration being fed should be scrutinized by the user to decide if it is acceptable or not. If changes are necessary the user will go back into either of the procedures and manually change whatever data is necessary and recalculate the procedure until satisfactory results are reached. Moving to the inventory table it can be seen that there is a surplus in all of the feedstuffs grown for the dairy enterprise. These surpluses represent idle assets and therefore foregone earning power. It is suggested that acreage in all of the feeds grown be reduced. This would reduce crop expenditures for the unnecessary amounts of feed grown. it would also reduce the cost of storing any surplus feeds. An alternative would be to divert some of the acreage away from the dairy enterprise towards a cash crop enterprise. This would generate alternate income for the general form operation. The financial manager 73 74 of the dairy enterprise may choose to disperse of some of the land to reduce both feed surpluses and crop expenditure to the dairy enterprise. The financial manager may also consider using the land towards growing feed that could be used as protein source. This decision is spurred by looking at the feed purchase table and seeing that a total purchase of protein supplement. Soybean Meal. will be very costly. There is the possiblity of diverting some of the land away form its current status and put it to use in a manner as to reduce feed purchase expenditures. Either reducing the amount of acreage used. therefore reducing crop expenditures. or using the acreage to more closely match the feed needs will improve the final results in net cash flow. After reviewing the remainder of the outcome of the example it is decided that the forecasts in all of the other areas are realistic estimates of what is to be expected. The major areas of change and need for improvement are to reduce feed purchases and cropping expenditures. By adjusting both of the areas the resulting net cash flow will improve. As it stands currently net cash flow is negative in every month but January. This figure can be improved upon but it may be difficult to totally rectify this problem. From the current situation it appears that this dairy enterprise will not be able to stand alone financially and that it will be necessary for another source of income to be injected for this dairy enterprise to remain solvent. CHAPTER 6 SUMMARY AND CONCLUSIONS DECISION MAKING BASED ON MODEL RESULTS There are several possible applications for the Dairy Enterprise model. The model is designed as a planning device to be used as an analytical tool in both tactical and strategic decision making. When decision making is defined as choosing between alterate courses of action. In the short run or from a tactical point of view the model can be considered for the year that it is forcasted for. It can be used to plan for periods of severe cash deficits or surpluses. If it appears that there are to be periods of severe cash shortages the user has the flexibility to shift inflows and outflows of cash to alleviate a problem of several consecutive months with cash shortages. However. if this is not possible then the user may find it necessary to obtain a short term operating loan to assist the dairy enterprise during the intervening periods of positive cash flow. This method of shifting inflows and outflows would also work to avoid long periods of cash surpluses. Cash surpluses are as equally important to control as are cash shortages. An excessive surplus of cash in any given period. left idle by the dairy enterprise. will be a wasted resource. Cash alone has earning power if it is handled properly. A second option available to the user is to find some form of short term investment opportunities for any cash surpluses. This allows cash surpluses to be utilized as any other resource would as an item which through its use generates income for an enterprise. 75 76 There are numerous other tactical decisions which can be made as the result of the cash flow forecast. From the Net Cash Flow results the user has the ability to decide where and the magnitude of income which may be required from other sources. Other income sources can be off farm income. alternate agricultural enterprises taking place (ie. cash crop enterprises. different livestock enterprises). or short term operating loans. A second decision is that the model makes no provisions for prepurchase of resources. such as crop inputs. This type of decision can be beneficial from an income tax standpoint. since it will act as an income reducing agent. Another tactical decision, which can be made as a result of Net Cash Flow. is the appropriate actions which should be taken in managing the debt load of the dairy enterprise. Not only will the forecast indicate where it may be necessary to obtain a short term operating loan but it also will indicate when an enterprise has the ability to pay off a loan and remove it from the loan schedule. Changing the timing of cash flows is certainly one of the most useful tactical decisions which can be made as a result of using the model. For strategic. long term. decision making this model provides a limited yet sound base from which to make decsions. Based on Net Cash Flow. the user can discern the enterprise’s ability to handle additional debt which could be the result of new capital asset acquisition. Acquisition of capital assets can be considered in the case of one single piece of capital or several. as in the case of expansion. When considering expansion the user would be asking questions such as - what difference would ten more cows or ten less cows make. how much land is necessary to accomadate the dairy herd 77 without having to purchase feed. etc. In an effort for the user to be able to strategically make decisions concerning future cash flows 0 series of different data inputs should be entered to perform sensitivity analysis of the dairy enterprise. Strategically the model affords the user the ease with which to perform sensitivity analysis on the dairy enterprise. since all that is required of the user is to change the data input and let the model perform the calculations. By comparing the outcome of different models. based on different data inputs. the user will be able to see under what circumstances the cash flow will be the most favorable. STRENGTHS AND WEAKNESSES OF THE MODEL What has been mentioned above are the real strengths of this model. The results of this model provide the user with the necessary information to be able to make sound decisions on both a tactical and strategic basis. In addition. the ease with which sensitivity analysis can be performed provides the user with a very functional planning device. However. in using this model the user must be aware of certain areas of weaknesses in the model. First. the model ignores future cash flows. This model only considers cash that comes in or goes out in a given period. This method gives no consideration to future cash flows. such as accounts receivable and accounts payable. In ignoring future cash flows. that have a fairly high degree of certainty. the model may present a slightly false statement of cash position at any point. This does cause a weak link in the decision making process. since in decision making what the user is looking at are future cash flows of which the accruals. accounts receivable and accounts payable. are a 78 portion. A second area of weakness is that the model fails to place a value on inventory. The model considers actual amounts of inventory but never places a dollar value on it. Therefore. the model never addresses how inventory can play a role in altering cash flow. One possibility that the user may consider when altering cash flow is the liquidation of some inventory. Yet. by not placing a dollar value on inventory it is not readily apparent to the user how inventory liquidation would be beneficial or what portions of inventory would be the most beneficial to liquidate. Thus. if inventory liquidation is considered the areas which need to be addressed are 1) liquidation of which inventory item would have the most impact on cash flow and 2) how would liquidation of certain inventory items affect the needs of those items. A third area of weakness in this model is that it uses one set of market assumptions in its calculations. By doing this the model fails to consider the seasonality factors of the market. A market economy is a dynamic constantly fluctuating entity. What is listed in the market assumptions table and may be used in January to calculate the model may no longer apply come June. Therefore. what the model reports for receipts or expenditures can only be considered as estimates since there has been no provision made for seasonal changes in the market. FUTURE USES OF THE MODEL As for future use of this model the possiblities are numerous. An ideal situation would be for this model to become a portion of an integrated system for an entire farming operation and not just the dairy enterprise alone. Ideally. combining this model with a ration balancer and evaluator. a cropping model. and provisions for other 79 livestock enterprises would provide an outstanding management and decision making system. This model. however. provides a sound and realistic method for making decisions as it stands alone. In conclusion. use of this model in the several different methods that have been suggested can aid the financial manager of a dairy enterprise in making sound financial decisions concerning that enterprise. This model provides the necessary information and is a valuable tool to meet the challenge facing dairy enterprises today. of having to employ sound financial practices in an effort to remain solvent and in business. APPENDICES APPENDIX A {3(3 henu of hacros to perfora the functions of this socel To start ALT-S to print these dzrections ", ALT-D Start at row 46 and enter data nbere as ed for unt1l roe 151. To move down rows, use the down arrow key. ALT-H Enter, star 119 in cell “5?, the chosen nartet values for this model e the selected values f. TQEC iron the ES 1 .HHTED FEED 1 or able. Use the arr on keys o more arourd the table. Enter chosen values for FDFA3E starting in cell F175 until cell F178. Enter chosen values fcr EJRlN startino 1n :ell 1115 until cell 1173. ' Enter values or feed adii tives to cells FlBB-tlot. E.ter the pro er percent ofr ion tel 19 fed values 1n o based on what the user is currently feedino. ALT-B Starting in cell U154 until ce e11 U27 3 enter the aaounts being fed daily to each of the groups of th .e appropru Ht feedstuffs. ALT-C Enter, under the appropriate months and by the appropriate crop, the number of ac res to bet1arv ested that month. ALT-L Enter Loan data for up to six loans Enter data in columns: Firn owed E Term of loan F Balance of loan owed 6 Rate of loan H Now use the F9 key to have the model perform the cash flow calculations ALT-P Print results after mal alations 1 ve been perforned 81 DAIRY ENTERPRISE CASH FLOR FARM NAME: EXAMPLE DATE: DEC. 3111985 RECEIPTS INFURNRIIDN LIVESTOCK INFORMATIJN Nunber of cows 28D ailk1ng I70 drt 50 heifers 1-8 yr 54 heifers (1 yr 74 steers 10 Avg. Daily hilt Prodn. 55 Dairy Steers sold7 nueber- 10 Dairy Heifers sold? number- 0 FEDERAL PRDSRAHS & TAX REFUNDS Fed. & State Gas Refund $310 State RL-Tax refund $5,900 PATEDNAGE DIVIDEND CASH RECEIVED $50 hiscellaneous Income $101000 EXPENDITURE INFORMATION PAYROLL INFDRUATIDN Horker ID 119 105 104 0 0 Rages $5.90 $3.75 $4.25 $0.00 $0.00 Hours/Nonth 50 BU 45 0 O Fringe Benet: s 1 3X 01 31 L4 01 Management Payroll $601000 Livestock Feed Addi & Sunplea 82 h E Based on felfara gu1delines for Inventory Assets for 18/31186 Hilk Check Deductions: : Milk Price $11.50 per cut. Dairy Calves $50.00 per calt Cull Cows $0.35 per lb Dairy Steers $0.55 per lb Dairy Heifers $603.00 per head Alfalfa Hay $70.00 oer Tcn Alfalfa Haylage $3?.~0 per Ton Corn Silaoe — $15.00 per Ton Corn Grain $1.40 per bu. Soybeans $4.70 per bu. Hheat $8.60 per bu. Barley $1.20 per bu. Oats $1.00 per bu. tires Calf Starter $17L.JH per Ton ents: Soybean 011 heal $135.1t per Ton Minerals $500.03 per Ton Salt $800.00 per Ton Buffers $501.00 per Ton Calf Brain $15L.DU per Ton Equity Retain 0.75 1 Dues 0.75 . hilk Hauling $0.45 oer cut ADA 1 Milk Pros. $0.15 per cut Uhole Herd Buyout $0.40 per cut Gramm-Rudman $0.12 per .Rt 1 Crop Types - indicate total acreage Alfalfa Hay Alfalfa Haylage Corn Silage Corn - Brain Soybeans Uheat Barley Inventor: at start up Corn - Brain Soybeans Hheat Barley Uats Soybean Dil Heal Calf Starter Calf Grain Livestock Harketing Bedding Price Seoen - ifconception = Veterinarian Clinic if yes. fee? does this inc ‘ Q (:3 <3- (3- (J! n.) or} p—. (I) <2) ‘3 (D <2) (-n o.) $50.00 $20.00 ya [7. O. D II "J yon f‘l w :l I'D 83 Tlacre T/acre T/acre bu/acre bu/acre bu/acre bu/acre bufacre T T APPRFXIHATE HEIEH.3 DF FEEJS & BRAIN T bu Corn 56 lbfbu bu Soybeans 55 lb/bu bu Hneat 60 lblbu hu Harley 48 I /bu bu Cats 38 l fbu T T T I of sales per Ton 84 FARM EXPENEITURES Land Rent $45 Insurance $5.380 Miscellaneous Expenditures $51000 DERIVED FEED NEEDS ESTIHATED EEED H'EUS Forage Quality Hilk Production 0h Lou Hed High per cou consumed Forage Grain Forage Brain Forage Grain lb/yr lb/day lb/cou/day T uh lb )5 T 0h lb on T “H lb 00 20000 66 47 4.70 7300 5.10 6603 5.30 300 18000 60 45 4.70 6800 4.90 6500 5.10 6000 16000 52 43 4.7” 6203 4.90 5300 5.10 5400 14000 46 41 4.60 5700 4.90 5800 5.20 4600 Heifers 1-2 yr 80 3.30 300 3.80 100 3.60 100 Heifers (1 yr 1.40 1300 1.50 050 1.60 300 includes feeding and storage losses TOTAL NEEDS Forage Needs Grain Needs Model will automatically enter values ________________________ for steers. No. of bead T 0hfhead T/yr. lb. thhead T/yr Cons (milking & dry) 820 4.30 1073 6500 715 Heifers 1-2 yr. 64 3.30 E43 100 3 Heifers (1 yr. 74 1.50 111 1050 33 Steers 10 3.80 38 100 1 Sun of needs for the herd. 85 FEED TYPE ”5 3 OF TOTAL 007100 total percent x amount Hay X of total forage 0.6484 1470 Haylage % of total forage 0.0000 1470 Corn Silage % of total forage 0.3576 1470 Other X of total forage 0.0000 147) Corn X of total grain 0.4960 758 Protein Suppl. 3 of total grain 0.0008 758 Other 3 of total grain 0.0000 758 Other 1 of total grain 0.0000 758 FEED AODlTlVES enter the amount of each additive fedfldav dinerals 1.00 lb. salt 1.00 lb. buffer 1.00 lb. D. "-1 <22 r53 ‘3 u- "-1 --o -—c ——* . .4 ——‘ Actual use of feed in ration 8&5 Feeds fed milking cons, avg. Qlfalfa Hay lealfa Haylage Corn Silage Corn-Brain Soybean Oil heal Feed needs for dry cons, ayg. Alfalfa Hay Alfalfa Haylage Corn Silage Corn~Srain Soybean Oil heal wheat Barley Oat s Soybeans o-A "LII TU (D (3' kg. (J1 dry period - 60 day ~J ~.J \J C} (3. (D "\ - .... >—‘ p... 5% g‘ 5“ p—o 5“ -J -q ‘4 \1 ~ C‘ t " Q t.‘ b ‘4 O 170 ----—-—-———----—-—---~-—--—-—---————--—--—-——-———-—--—-————--—— Alfalfa Hay Alfalfa Haylage Corn Silage Corn-Grain Soybean Oil heal Sheet Barley Oats Soybeans Daily Total Tctal feed orfnly annual needs lb needs needs 4850 6: :31 T 0 0 0 T 3400 53 638 T 1700 8700 638400 1 1530 84 885 T 0 0 0 1 0 0 0 l 0 0 0 l 0 0 0 l s 1000 30 30 T 0 0 T T 750 83 83 T 500 7000 7000 l 0 0 0 T 0 0 0 lb 0 0 0 lb 0 0 0 lb 0 0 0 lb Daily Total Total feed monthly annual needs 1b needs needs 138“ 80 833 T u 0 0 T 0 0 0 T u o 0 1 0 0 T 0 0 0 1 0 0 l u 0 0 l 0 0 0 1 CJ'" (3‘ (3' (3‘ (:r 87 TI . flu: .1 a: b 8340 l 9 7t.- 79 3.00 Alfalfa Hay 1'6 +v .U ‘1; .7. fix .J'l I .1. «C nu fl: . . D. Cu P. c. TTEECS needs lb FE D. t Ca 48T eoo 0 H" falfa Hay orn-Srain nl C 0.. .11" n Oil Heal Sn 9 ha Soy ha ‘0‘ Luv P. .h.. Hun lb lb 0 O .“V ll\‘ nu. .QCA Soybeans " S F l :J ‘0‘ fa Hay 1 Alfa 1‘ Era Corn-Grain T (i 0 T 1:: falfa Haylage Corn Silag O .Hu -3: 84 T 0.. H 1" . ‘IA Soybean O Hheat .hu huv cl" nv ha 1 ‘IIJ 0.. an.“ ‘04 Oats Oats b 1 .‘s in. ‘IL r: Soybea Soybeans n): T1 T: I." Plats. Srain -,a 1" Ca 88 CL" COHEARISON OF FEED HEEa ESTEHATES Procedure - DERIVED ACTUAL Forage 8588 T 1948 T 6T8!) 1073960 lb 1829079 lb 08.? PHODUETION DCCUH3EHOE none = 0 if yes indicate ncaber of aC'es JAN FEB HAOCH APRIL HA7 Alfalfa Hay 0 0 0 0 836 Alf. Haylage 0 0 0 0 0 Corn Silage 0 0 0 0 0 Corn - Brain 0 0 0 0 0 Soybeans 0 0 0 0 0 Hheat 0 0 0 0 0 Harley 0 0 0 0 0 Oats 0 0 0 0 0 JULY ALEOST SEPT OCT 009 Alfalfa Hay 836 836 0 0 0 Alf. Haylage 0 0 0 0 0 Corn Silage 0 0 30 45 45 Corn - Brain 0 0 40 78 73 Soybeans 0 0 6 0 0 Hheat 0 0 0 0 0 Barley 0 0 0 0 0 Oats 0 0 0 0 0 FEED PRODbCED Crop Type No. acres a average yield/acre Alfalfa Hay 836 6 Alfalfa Haylage 0 0 Corn Silage 180 83 Corn - Brain 185 185 Soybeans 0 0 Hheat 0 0 Barley 0 0 Oats 0 0 F. (D (I) [&| - ‘xJ ‘3' (2) (.H r;- (3(2) v—JHv—awy..u-_4 -_4 [TUITtJ‘U 8‘3 DETEEHINA.TOH Beginning lnyentory +Total Production Amount on Hand -Aninal Needs Ending lnyentory EHDIHS INOEHTORY JAN FEB MARCH AERTL Calf Starter 1 0 0 -1 Calf Brain 8 0 -3 -3 Alfalfa Hay 117 -15 -133 -133 Alfalfa Haylage 0 0 0 0 Corn Silage 8480 8340 8860 8181 Corn- Brain 976300 916600 856901 797801 Soybeans 1100 1100 1100 1130 Hheat o o o o Barley 0 0 0 0 Oats 0 0 0 0 Soybean Oil Heal -18 -84 -84 -84 EHDTHS INVENTORY 3617 AJSOST SEPT OCT Calf Starter -1 -1 -1 -1 Calf Srain -3 -3 -3 -3 Alfalfa Hay 3850 5134 5031 4869 Alfalfa Haylage 0 0 0 0 Corn Silage 1941 1861 8471 3487 Corn- Brain 618100 558400 905700 1578600 Soybeans 1100 1130 1100 1100 Hheat 0 0 0 0 Barley 0 0 0 0 Oats 0 0 0 0 Soybean Oil Heal -84 -84 -84 -84 c:- I f'L’l .t:~ (I) «1;? "‘ 9O FEED PURCHJSES JAN FEB HARCH APREL HAY 300E Calf Starter $0 $0 $55 $138 $138 $138 Calf Sraln $0 $84 $387 $3E7 $387 $337 Alfalfa Hay $0 $1,061 $9,801 $9,881 0 $0 Alfalfa Haylage $0 $0 $0 $0 $0 $0 Corn Silage $0 $0 $0 $0 $0 $0 Corn- Brain $0 $0 $0 $0 $0 $0 Soybeans $0 $0 $0 $0 $0 $n Hteat $0 $0 $0 $0 $3 $0 Barley $0 $0 $0 $0 $0 $0 Oats $0 $0 $0 $0 $0 $0 SO'y'bE'an 011 ”931 $2,393 $392U2 $31208 $3,808 $303.42 53,2 1'2 TOTAL $8.398 $4,887 $18,984 $13,101 $3,780 $3,'80 FEED PURCHASES JULY ACSUCT SEPT 0CT NOV DEC TOTAL Calf Starter $138 $138 $138 $138 $138 $138 $1,839 Calf Graln $387 $387 $387 $387 $387 $307 $3,095 Alfalfa Hay $0 $0 $0 $0 $0 $0 $19,688 Alfalfa Haylaa $0 $H $0 $0 $0 tn $0 Corn Silaoe $0 $0 $0 $0 $0 $0 $0 Corn- Sraln $0 $0 $0 $0 *0 $0 $H Soybeans $0 $0 $0 $0 $0 $0 $0 Hhea $0 $0 $0 $0 $0 $0 $0 Barley $0 $0 $0 $0 $0 $0 $0 Oats $0 $0 $0 $0 $0 $0 $0 Soybean Oil Heal $3,808 $3,808 $3,808 $3,808 $3,808 $3,808 $37,538 -—-—-—-—- .—-------——--—---—--—-——-c-————-—--—————-----—--——-——-~——-—--_. TLTAL $3,780 $3,780 $3,780 $3,780 $3,780 $3,780 $58,365 91 RECEIPTS HILK SALES Average daily oroduction - 55 price/cwt. - $11.60 170 no. cows 55 avg. daily prodn. = 9330 Lbs. shiooed do 55 d ily prodn x $11.50 price/cut = $538 daily intone no. of days/month x daily intone = dollars/north 31 $638 $19,778 30 $638 $19,140 88 $638 $17 864 CATTLE SALES Dairy Calves calf/coulcou no.1 = 880 x 1/8 - 110 no. bull calves 100 = no. bull calves for sale (subtracting dairy steers for sale) 100 no. bull calves/18 = 8 no. bull calves/month 8 no. bull calves x $50 per calf = $41 nontb'y Cull Cons Cull Rate 3300f no. cons unless otherwise speCifieo 0.33 x 880 no. cons = 73 no. cows culled/18 1400 lbs(assumed avo. at.) x $0.35 per lo. = $490.00 dross/c $490.00 gross/con x b no. CJHS culled/month = $8,965 monthly Dairy Steers no. steers 1300 lb. steers x $0.55 per lo = $550.00 per steer 10 no. steers x $550.00 = total 5,500 $5,50 total/l8 = $458 monthly Dairy Heifers no. heifers sold = 0 no. heifers a $600.00 = $0 total $0 total/18 = $0 monthly FEDERAL PROGRAMS AND TAX REFUNDS Fed. & State Gas Refund $310 State RL-tax refund $6,930 PATRONAGE DlVlDEHD CASH RECEIVED $50 Miscellaneous Incoae $10,000 92 EXPENDITURES Labor Favr'ull Norker ID 119 10‘ 104 0 0 Rages 5.90 $3.75 $4 33 $0 00 $0 00 Hoursffionth 60 30 45 0 0 Gross Payroll $354 $113 $191 $0 $0 Fringe Benefits $11 $0 $6 $0 $0 FICA $85 $8 $14 $0 $0 Net Payroll $339 $104 $178 $0 $0 Hanageoent Payroll $5,000 monthly LIVESTOCK EXPENDITURES Feed - based on need to purchase as deterained by total feed needs as cal ulated above feed type - amount needed x price = total e.oenditure $ 9 Dial-1i .V-.. - DA. ' .4 .15 I!- .1 F ed 00‘1 t1 es minerals caltc b ffer: dollars/ton x nee x no. cows x 365 days nineral $500.00 x 68050 Total lb. needs = $15 513 total ex salt $800.00 x 68050 Total lb. needs - $6,805 total ev buffer $500.00 x 68050 Total lb. needs = $15,513 total ev Bedding needs 60 lbs of bedding! 1000 lbs of cow/month 84 lbs of bedding! 1400 lbs of con/month 84 x 18 months = 1001 lbs bedding/year/con 1000 lbs. x 880 no. cons = 880000 total lbs needed 110 Tons x $50 = Livestock Supplies annual cost per con $50 $50 x 880 cows = Breeding Service based on $/conceotion - senen use 880 cows x $80.00 = $5,500 total expenditure/18 = $11,000 total expenditure/18 $1,060 total expenditure/18 Iota 0 $0.00 :ns $658 $16 $07 $616 $3,103 Total nontn nditure/18 = $1,893 monthly nditure/l8 = $517 monthly nditure'iE = $1,393 monthly Tons needed oo:tbly $916.67 monthly $83.33 monthly anitv Retain - 0.95 1 31 davs x 0.0075 x 30 days 9 0.0075 x 88 da:s x 0.0035 x Dues * 0.75 1 of sales 31 days 2 0.0075 x 30 days x 0 0035 hilk Hauling - $0.45 per cut lbs shipped/day/100 = cut. 0 4 cut. 31 davs x 0.45 n 30 davs x 0.45 x 88 days 9 0.45 9 lbs shipped/day! 00 = cut. 0 x cwt. 31 days x 0.15 30 davs x 0.15 88 days 0.15 Hhole Herd Buyoot - lbs shipoediday 110 = cut. 0 2 cut. 31 days x 0.40 30 days x 0.40 88 days x 0.40 Brand-Rudean - $0.28, lbs shieped/day/IOO = cut 0 x cut. 31 days 2 0.18 30 days 9 0.18 83 days x 9eterinarian SEFVICE Monthly Clinic - if yes co if no - $60 annual $0.00 230 : V :0] JV! '1 I ("f 3’.‘ clini xpenditnre / cow $60.00 x nr. cons = total enoen C 93 $19,935 = £19,19‘ : $17,864 = $101778 3 $19.14!} = so = 94 = 94 = oer cut 94 = 94 = 94 = oer ru: 94 = 94 = 94 = 94 = 94 : 94 = ore/18 = ncnthly total t 5145 $144 $134 $148 $144 $134 31,3)“ $1,868 $1,173 $435 $481 $393 $1,159 $1,188 $1,047 $348 $107 .UU 5 $314 94 ..edi cine andD if included in son. ”by clinic $0 if not an includede mpe :diture average $15 row annual $15.00 x no. cons = total exoenditure118 = nonthlye pend: ture $15.0 30 880 = $3,300 total expendi tore/1'8 = $875.00 monthly {EDP ElPE NDITUM Alfalfa Hay no. acres Seeds 6 Plants $0.00 5 836 = $0 Fertilizer $33.00 4 836 = $7,788 Herbs. 6 Insec ts $7.85 x 836 = $1,711 Crop Suppl $14.10 x 836 = $3,388 Irrigation Power $0.00 x 836 = $0 Lise $0.00 x 836 = $0 Alfalfa Haylage no. acres Seeds 6 Plants $0.00 x 0 = $0 Fertilizer $44. 45 x I = ‘0 Herbs. 6 Insects $7.85 x 0 = $0 Crop Suppl $0.00 4 0 = $0 Irrigation Power $0.00 x 0 = $0 Line $0.00 x 0 = $0 Corn Silage no. acres Seeds 6 Plants $86.60 x 180 = $3,198 Fertilizer $54. 00 x 180 = $6,480 Herbs. 6 Insects $83.00 x 180 = $8,760 Crop Suppl $0.00 x 180 = $0 Irrigation Power $0.00 x 180 = $0 Line $7.80 x 180 = $864 Corn Srain no. acres Seeds 6 Plants $19.60 x 1 = $3,686 Fertilizer $88.60 x 185 = $4,181 Herbs. & lnse $15.80 x 1 5 = $8,818 Crop Suppl $0.00 x 185 = $0 Irrigation Power $0.00 a 185 = $0 Line $4.50 x 185 = $833 Drving Fuel $17.50 x 185 = $3,838 Soybeans no. acres Seeds 6 Plants $8.40 9 0 = $0 Fertilizer $6.80 1 0 = $0 Herbs.61nsect $18.15 x 0 = $0 Crop Supp I $0.00 x 0 = $0 Irrig ationP on er $0.00 x 0 = $0 Line $4.50 x 0 = $0 t Herbs I Croo Suopl Irrigation Power Line Oats Seeds 6 Plants Fertilize Herbs. 6 Crop Supp. Irrigation Power Line Barley Seeds 6 Plants Fertilizer Herbs. 6 Insects Brop Suppl Irrigation Power Line TOTAL CROP ElPEHDIIUPES Seeds 6 Plants Fertilizer Herbs 6 Insects Crop Suppl Irrigation Power Line Drying Fuel 95 $10.’0 x 0 $38.80 x 0 $0.85 2 0 $6.00 v 0 $0.00 x 0 $4.50 x 0 no. acres $8.00 x 0 $8.60 1: 0 $0.65 x 0 $0.00 2 0 $0.00 2 0 $4.50 x 0 no. acres $13.00 x 0 $18.16 x 0 $0.65 x 0 $0.00 x 0 $0.00 r 0 $4.50 2 0 $6,818 $18,449 $7,883 $31388 $0 $1,697 $3,838 $0 $0 $0 $0 $0 $0 on O 5, $0 0* q“- r:- (~—. 96 iry cow 6 58 x no. CJHS $58.00 x 880 = $18,760 replacement Alfalfa Hay 31 y no. a.res $30 90 ' 836 = $7,898 Alfalfa Haylage 38 x no. acrec $38.90 v 0 = $0 Corn Silage 88 y no. acres $88.00 x 180 = $8,640 Corn Brain 18 x no. acres $18.00 x 185 = $3,330 Soybeans 16 y or. acres $16.00 * 0 = $0 Hneat 16 x no. acres $16.3“ y 0 = $0 Barley 16 x or. acres $16.01 x 0 = $0 Oats 16 y no. acrec $16.03 x 0 = $‘1 total expenditure/18 = oonthly expenditure $86,088 monthly = $8.169 Hachirery Leased is there machinery if yes - cost = $0.00 Gasoline 6 Fuel Dairy con 6 11 x no. cons $10.60 x 880 = $8,338 replacement Alfalfa Hay 11 x no. acres $10.70 x 836 = $8,585 Alfalfa Haylage 18 x no. acres $18.35 x 0 = $0 Corn Silaoe 11 n no. acres $11.00 x 186 = $1,380 Corn Grain 10 x no. acres $9.90 x 185 = $1,838 Soybeans 9 y no. acres $9.00 x 0 = $6 Hneat 7 x no. acr 5 $7.00 1 0 = $0 Barley 7 a no. acres $6.50 x 0 = $0 0ats 7 x no. acres $6.90 x 0 = $0 total expenditure/18 = monthly expenditure $8,009 aonthly = $667 Building 6 Improvement Repair Dairy con 6 11 y no. cons $11.00 x 880 = $8,480 replaceoent Alfalfa Hay 8 x no. acres $8.00 y 836 = $478 Alfalfa Haylage 4 x no. acres $3.50 9 0 = $0 Corn Silage 4 x no. acres $3.50 x 180 = $480 Corn Brain 3 x no. acres $8.50 x 185 = $468 Soybeans 8 x no. acres $1.50 4 0 = $0 Hheat 8 x no. acres $1.50 v 0 = $0 Barley 8 x “0. acres $1.50 x 0 = $0 Bats 8 x no. acres $1.50 , 0 = $0 atal expenditureii8 = monthly expenditure $3,775 ('9' Alfal. Alfalfa Haylage Corn Silage Corn Brain Soybeans Hheat Barley Oats 0‘ p. X X 03. X F0. x no. 2 no. acres A 00. acre X no. 2 no. acres 9 X NO. 85? qumMmOner total expenditure 18 = CI :3 .d C." DJ .‘J m n 23' TD (3.. I: .h—v‘ 3‘0 m Interest and Principal Cal ulations: Person or Firm owed Tern --—-——--—-------------—---——-——--—-—--————--——-—-—--——----_—-—_—-----¢————---—n-— .-------------------------—---_—----------—-----------~------_-—----—-—_-—----—-. Insurance $35,000 0.18 $0,709 $5,000 0. 0 $8,881 $0 0.00 $0 $0 0.00 $0 $0 0.00 $0 $0 0.00 $0 $18,590 $5,380 $5,000 917 $c0.5§ $1.50 $1.50 $5.50 $8.50 $1.50 $1.50 $1.50 $1.50 monthly expenditure $5,509 $31381 [U l A.) Q:- (1‘ ._. >—. an fu ( n m» 4» (1;: <2- C- 5—4- 41 <3 $0 98 ANNUAL NET CASH FLOH SUHHARY JAN FEB nnnon nenic nor acne necciers MILK SALES $19,779 $17.954 $19,779 $19,140 $18,778 519.110 carrce SALES 05iry—Calves $427 $417 $91? $427 $417 $427 Cull Cows $0 $0 $0 $0 $0 $0 Dairy Steers $458 $459 $458 $453 $458 $458 Dairy Heifers $0 $0 $0 $0 $0 $0 —--¢--d——----—------------—-~------—---—----—----------_----——----—---—.- FEDERAL PROGRAMS 3 TA! REFUNDS Fed. 0 State Sas Refund $310 State RL tax $5,909 PATRONAGE DIVIDEND CASH RECEIVED HISCELLANEOUS $833 $833 $833 $833 $833 $833 --—--—--—--——--—-—-——--————--—-—----———-— TOTAL RECEIPTS $81,488 $19,578 $81,486 $81,158 $81,486 $87,748 SM? JULY AUGUST SEPT OCT N00 DEC TCTAL EECEIPTS HILK SALES $19,778 $19,778 $18,140 $18,778 $19,140 $19,778 $838,870 CATTLE SALES Dairy Calves $017 $017 $017 $017 $417 $017 $5,000 Cull Cons $0 $0 $0 $0 $0 $0 $0 Dairy Steers $458 $458 $45 $458 $458 $058 $5,500 Dairy Heifers $0 $0 $0 $0 $0 $0 $0 $875 $875 $875 $875 $875 $875 $10,500 FEDERAL 88888003 1 TA! REFUNDS Fed. & State Gas Refund $310 State 8L tax $5,990 $0 $0 $0 $0 $0 $0 $7,810 PATROHAGE DIVIDEND CASH RECEIVED $50 $50 HISCELLANEOUS $833 $833 $833 $833 $833 $833 $10,000 TOTAL RECEIPTS $81,486 $81,486 $80,848 $81,088 $80,808 $81,536 $880,830 100 EY8ENDITUPES 140 FEE “HPCH 4'E'L 04' 1005 Net pavrcll $818 $818 $818 $c1: $818 $81: FICA $47 $47 $47 $47 $47 $47 Fringe Bene‘its $15 $15 $15 $18 $36 $18 HJt. Payroll $5,330 $5.000 $5.000 $5,000 $5,000 $5,000 $c‘bnq $5,8/C $'IA79 $3,377 $54373 $5407” L17ESTOCK EXEE9C1.UFE 3 ——--——-—--—-_----—---—------—---—-—-----—-—----—‘------------—---------. Feed $8,378 $4,887 $18,984 $ 3,001 $3,750 $3,720 ISeed Additives $3,103 $3,103 $3,103 $3,103 $3,103 $3,103 Bedding $458 $458 $458 $458 $458 $458 Livestock Sunpl. $917 $917 $717 $917 $917 $917 Breeding Ser . $83 $83 $83 $83 $83 $33 Equity RetainC $148 $134 $148 $144 $148 $144 Dues $148 $134 $148 $144 $148 $144 ”11k H3U11ng 51I304 $11178 $1,307 $13352 $11304 $1|252 084 1 Milk Prom. $435 $373 $435 $481 $435 $481 finale Herd Buyout $1,159 $1,188 Gramm-Rudman $348 $337 Livestock Hrktinq $105 $105 $105 $103 $105 $105 Vet. 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CJ $0 ‘1 $0 fin nHu CJ ,3 .‘v .Ild F p- $¢48 $417 $448 $41? $443 $5,297 8 I IUSTHEN’ U "QSH FLOR ncipal l R A E .----—-—---—-—-—----¢---—-----—-———_——-----——————————---—-—----—-——-——-——--———--——- . . . . ~ I . -——_--—--—--_———-————-——--------—-——-——----—-—-——---------—-—_-—--—--------—---———. NET .-.-----—-———-------—--—-——--—--———---—————-——--—-—-—---—---—-----—--———--——_--_——-- 1' - . .' ’4 . CASH FLUH 3TH ! TCTQL EXPENDITURES $35;-" $ $E;6093 {$8.031} I v I I .5442 Him a: ll‘ ‘1 7 {Mb 5‘») Id. (i '1 I 4) ($3.544 cl 19‘} APPENDIX B ROW C1: L1: ROW A3: L3: ROW A4: ROW L5: ROW A6: ROW L7: ROW A8: 88: ROW 89: L9: ROW A11: B11: L11: ROW B12: ROW A14: 814: ROW B15: L15: ROW B16: ROW 817: ROW B18: J18: 1O# 1 Dairy Enterprise Cash Flow /ppra1..hh3"agpq 3 Menu of Macros to perform functions of this model (goto)al+6~ a To start ALT—S to print directions 5 (goto)153~ 6 Data Entry 7 (goto)a153~ 8 ALT-D start at row 46 and enter data where asked for until row 151 9 To move down the rows use the down arrow key (goto)r19l+~ 11 ALT—M Enter. starting in cell M57. the chosen market values for (goto)a197~ 12 this model 14 ALT-A Choose the selected values from the ESTIMATED FEED 15 NEEDS table. Use the arrow key to move around the table (goto)9562~ 16 enter chosen values for FORAGE starting in cell 17 cell 1178 18 Enter chosen values for GRAIN starting in cell 1175 until \p K18: ROW 819: K19: ROW 829: K28: ROW 821: K21: ROW 822: K22: ROW 823: K23: ROW K23: ROW A25: 825: K25: ROW 826: K26: ROW 827: K27: ROW A29: 829: K29: ROW 83¢: K35: ROW A33: 833: ROW 195 /ppra46..094”agp 19 cell 1178 r095..o151‘agp 2¢ Enter values for feed additives in cell k188—k19¢ ra153..o196"agp 21 Enter the proper percent of ration being fed values in rr194..ad3¢1“agp 22 cells e187-e195 ra 197..0257“agp 23 These values are based on what the user is currently feeding ra26¢..o$13"agp 24 r0317..0365"agp 25 ALT-B Starting in cell u184 until cell u273 enter the amounts ra366..o418"agp 26 being fed daily to each of the groups of the appropriate ra419..o477"agp 27 feeds ra478..o$3¢"agp 29 ALT-C Enter, under the appropriate months and by the appropriate r0586..0646“agp 36 crop. the number of acres to be harvested that month r0647..686"agpq 33 ALT-L Enter loan data for up to six loans 34 196 834: enter data in columns: ROW 35 B35: Firm owed E35: E ROW 36 B36: Term of loan E36: F ROW 37 637: Balance of loan owed E37: 6 ROW 38 838: Rate of loan E38: H ROW 40 A49: Now use the F9 key to have the model perform the cash flow calculations ROW 42 A42: ALT-P 842: Print results after calculations have been performed ROW 46 A46: DAIRY ENTERPRISE CASH FLOW ROW 48 A48: FARM NAME: ROW 59 A50: DATE: ROW 53 A53: RECEIPTS INFORMATION J53: MARKET ASSUMPTIONS ROW 54 J54: Based on Telfarm guidelines for ROW 55 A55: LIVESTOCK INFORMATION J55: Inventory Assets for 12/31/86 ROW 57 A57: Number of cows 057: 9 E57: Milking F57: 9 657: dry H57: 9 157: Livestock K57: Milk Pirce M57: N57: ROW 858: 058: K58: M58: N58: ROW 859: 059: K59: M59: N59: ROW 860: 065: K60: M60: N69: ROW K61: M61: M61: ROW A62: 062: I62: K62: M62: N62: ROW K63: M63: N63: ROW A64: 064: K64: M64: N64: ROW K65: M65: N65: ROW 107 $11.6fl per cwt. 58 heifers 1-2 yr. 6 Dairy Calves $58.56 per calf 59 heifers <1 yr 0 Cull Cows $6.35 per lb 60 steers 9 Dairy Steers $¢.55 per lb 61 Dairy Heifers $6¢¢.¢¢ per head 62 Avg. Daily Milk Prodn o Crops Alfalfa Hay $79.66 per ton 63 Alfalfa Haylage $37.¢¢ per ton 64 Dairy Steers sold? number- 0 Corn Silage $16.60 per ton 65 Corn Silage $1.45 per bu 66 A66: 066: K66: M66: N66: ROW K67: M67: N67: ROW K68: M68: N68: ROW K69: M69: N69: ROW I76: K76: M76: N69: ROW A71: K71: M71: N71: ROW K72: M72: N72: ROW A73: E73: K73: M73: N73: ROW A74: E74: K74: M74: N74: ROW K75: M75: 168 Dairy Heifers sold? number— 6 Soybeans $4.76 per bu 67 Wheat $2.66 per bu 68 Barley $1.26 per bu 69 Oats $1.66 per bu 76 Feed Additives: Calf Starter $176.66 per ton 71: FEDERAL PROGRAMS & TAX REFUNDS Soybean Meal $135.66 per ton 72 Minerals $566.66 per ton 73 Fed & State Gas Refund $6 Salt $266.66 per ton 74 State RL—tax refund $6 Buffers $566.66 per ton 75 Calf Grain $156.66 N75: ROW A76: E76: I76: ROW K77: M77: N77: ROW A78: E78: K78: M78: N78: ROW K79: M79: N79: ROW K86: M86: N86: ROW A81: K81: M81: N81: ROW K82: M82: N82: ROW A83: ROW A85: 085- ROW A87: 087- ROW A89: 169 per ton 76 PATRONAGE DIVIDEND CASH RECEIVED $6 Milk Check Deductions: 77 Equity Retain 6.75 6 78 Miscellaneous Income $6 Dues 6.75 6 79 Milk Hauling $6.45 per cwt 86 ADA & Milk Prom. $6.15 per cwt 81 EXPENDITURE INFORMATION Whole Herd Buyout $6.46 per cwt 82 GRAMM-RUDMAN $6.12 per cwt 83 PAYROLL INFORMATION 85 Worker ID M85: 6 B7 Wages M87: $6.66 89 Hour/month 089-M89: 6 116 Row 91 A91: Fringe Benefits % D91-M91: 6% ROW 93 A93: Management Payroll 093: $6 ROW 95 A95: LIVESTOCK EXPENDITURE ROW 97: A97: Crop Information ROW 99 A99: Crop Types — indicate total acreage ROW 166 B166: Alfalfa Hay 0166: 6 ROW 161 B161: Alfalfa Haylage 0161: 6 ROW 162 B162: Corn Silage 0162: 6 ROW 163 B163: Corn - Grain 0163 : 6 ROW 164 B164: Soybeans 0164: 6 ROW 165 3165: Wheat 0165: 6 ROW 166 B166: Barley D166: 6 ROW 167 B167: Oats 0167: 6 ROW 169 A169: Average Yield ROW 116: B116: Alfalfa Hay 0116: 6 E116: T/acre ROW 111 B111: Alfalfa Haylage D111: 6 E111: T/acre ROW 112 6112: Corn Silage D112: 6 E112: bu/acre ROW 113 B113: Corn Grain 0113: 6 E113: bu/acre ROW 114 B114: Soybeans D114: 6 E114: bu/acre ROW 115 B115: Wheat D115: 6 E115: bu/acre ROW 116 B116: Barley 0116: 6 E116: bu/acre ROW 117 B117: Oats 0117: 6 E117: bu/acre ROW 118: F118: APPROXIMATE WEIGHTS OF FEEDS & GRAINS ROW 119 A119: Inventory at start up ROW 126 B126: Alfalfa Hay 0126: 6 E126: T ROW 121: B121: Alfalfa Haylage 0121: 6 E121: T ROW 122 B122: Corn Silage 0122: E122: 112 6 T ROW 123 8123: 0123: E123: F123: 6123: H123: I123: J123: Corn Grain 6 bu Corn 56 lb/bu +d123*56 1b ROW 124 8124: 0124: e124: F124: 6124: H124: I124: J124: Soybeans 6 bu Soybeans 55 1b/bu +d124*55 1b ROW 125 8125: 0125: E125: F125: 6125: H125: I125: J125: Wheat 6 bu Wheat 66 1b/bu +d125*66 lb ROW 126 0126: 0126: E126: F126: 6126: H126: I126: J126: Barley 6 bu Barley 48 lb/bu +d126*48 lb ROW 127 8127: 0127: E127: F127: 6127: H127: I127: J127: ROW128 8128: Oats 6 bu Oats 32 1b/bu +d127*32 lb Soybean Meal D128: 6 E128: T ROW 129 B129: Calf Starter 0129: 6 E129: T ROW 136 B136: Calf Grain 0136: 6 E136: T ROW 132 A136: Livestock Marketing 0132: 6 E132: 6 of sales ROW 134 A134: Bedding Price D134: $6.66 per ton E134: per ton ROW 136 A136: Semen - S/conception 0136: $6.66 ROW 138 A138: Veterinarian Clinic ROW 139 8139: if yes. fee? 0139: $6.66 ROW 146 B146: does this include medicine and drugs F146: no=2 G146: yes-1 H146: 6 ROW 143: A143: MACHINERY EXPENDITURES ROW 146 A146: Machinery Leased 0146: $6 ROW 148 A148: FARM EXPENDITURES ROW 149 A149: Land Rent 0149: $6 ROW 156 114 A156: Insurance 0156: $6 ROW 151 A151: Miscelaneous Expenses D151: $6 ROW 153 A153: DERIVED FEED NEEDS ROW 154 A154: ESTIMATED FEED NEEDS G154: Forage Quality ROW 156 A156: Milk Production D156: DM F156: LOW H156: MED J156: HIGH ROW 157 A157: per cow D157: consumed F157: Forage G157: Grain H157: Forage I157: Grain J157: Forage K157: Grain ROW 159 A159: lblyr B159: lb/day D159: 1b/cow/day F159: T OM 6159: lb OM H159: T OM I159: lb DM J159: T OM K159: lb OM ROW 161 A161: 26.666 8161: 66 D162: 47 F161: 4.76 G161: 7366 H161: 5.16 I161: 6666 J161: 5.36 K161: 6266 ROW 162 A162: 18.666 B162: 0162: F162: G162: H162: I162: 3162: K162: 115 66 45 4.76 6566 4.96 6566 5.16 6666 ROW 163 A163: 8163: 0163: F163: G163: H163: I163: J163: K163: 16.666 52 43 4.76 6266 4.96 5766 5.16 5466 ROW 164 A164: 8164: 0164: F164: G164: H164: I164: J164: K164: 14.666 46 26 4.66 5766 4.96 5266 5.26 4666 ROW 165 A165: 0165: F165: G165: H165: I165: J165: K165: Heifers 1-2 yr. 26 3.96 266 3.86 166 3.66 166 ROW 166 A166: F166: G166: H166: I166: J166: K166: Heifers (1 yr. 1.46 1366 1.56 1656 1.66 966 ROW 168 8168: includes feeding and storage losses ROW 176 A176: Total Needs 116 F176: Forage Needs J176: Grain Needs ROW 171 A171: Model will automatically enter values ROW 172 A172: for steers ROW 173 D173: No. of head F173: T DM/head G173: T/yr I173: lb. DM/head K173: T/yr ROW 175 A175: Cows (milking and dry) D175: +d57 F175: 6 G175: +d175 * f175 I175: 6 K175: ((+d175* 1175)/2666) ROW 176 A176: Heifers 1—2 yr. D176: +d58 F176: 6 G176: +d176*f176 I176: 6 K176: ((+d176*i176)/2666) ROW 177 A177: Heifers <1 yr. D177: +d59 F177: 6 G177: +d177*f177 I177: 6 K177: ((+d177*i177)/2666) ROW 178 A178: Steers 0178: +d66 F178: +f176 G178: +d178*f178 1178: +1176 K178: ((+d178*i178)/2666) ROW 186 A186: Sum of needs for ROW 181 A181: the herd ROW 182 G182: Osum (g175..g178) H182: T K182: asum (k175..k178) L182: T ROW 185: A185: FEED TYPE AS 6 OF TOTAL RATION F185: total J185: FEED ADDITIVES ROW 186 E186: percent F186: amount G186: DM H186: As Fed J186: enter the amount of each additive fed/day ROW 187 A187: Hay 6 of total forage E187: 6 F187: +9182 G187: (+e187/166)*f187 H187: +g187/.87 I187: T ROW 188 A188: Haylage 6 of total forage E188: 6 F188: +9182 G188: (+e188/166)*f188 H188: +g188/.55 I188: T J1868: minerals K188: 6 L188: 1b. ROW 189 A189: Corn Silage 6 of total forage E189: 6 F189: +9182 6189: (+8189/166)*f189 H189: +g189/.35 I189: T J189: salt K189: 6 L189: 1b. ROW 196 A196: Corn Silage 6 of total forage E196: 6 F196: +9182 G196: (+e196/166)*f196 H196: +9196/.35 I196: T J196: buffer K196: L196: 118 6 1b. ROW 192 A192: E192: F192: G192: H192: I192: Corn 6 of total grain 6 +k182 (+e192/166)*f192 +g192/.7 T ROW 193 A193: E193: F193: G193: H193: I193: Protein Suppl. 6 of total grain 6 +k182 (+e193/166)*f193 +g193/.89 T ROW 194 A194: E194: F194: G194: H194: I194: R194: Other 6 of total grain 6 +k182 (+e194/166)*f194 +g194/.89 T Actual use of feed in ration ROW 195 A195: E195: F195: G195: H195: I195: R195: Other 6 of total grain 6 +k182 (+e194/166)*f194 +g194/.89 T Use of feed ration ROW 196 U196: V196: W196: X196: Y196: 1b/cow/ No. of Daily Total Total ROW 197 A1976: CROP PRODUCTION OCCURRENCE D197: E197: U197: V197: W197: X197: Y197: none . 6 if yes indicate number of acres day milking feed monthly annual ROW 198 C198: JAN D198: FEB E198: MARCH F198: APRIL G198: MAY H198: JUNE I198: JULY J198: AUGUST K198: SEPT L198: OCT M198: NOV N198: DEC V198: cows W198: needs lb X198: needs V198: needs ROW 199 A199: Alfalfa Hay C199—N199: 6 ROW 266: A266: Alfalfa Haylage C266-N266: 6 ROW 261 A261: Corn Silage C621-N261: 6 8261: Feeds fed milking ROW 262 A262: Corn-Grain CZ62-N262: 6 8262: cows, avg. ROW 263 A263: Soybeans 0263—N263: 6 ROW 264 A264: Wheat 0264-N264: 6 $264: Alfalfa Hay U264: 6 V264: +f57 W264: +u264*v264 X264: (+w264/2666)*31 Y264: +x264*12 2264: T ROW 265 A265: Barley C265-N265: 6 $265: Alfalfa Haylage U265: V265: W265: X265: Y265: 2265: 126 6 +f57 +u265*v265 (+w265/2666)*31 +x265*12 T ROW 266 A266: Oats C266-N266: 6 S266: U266: V266: W266: X266: Y266: 2266: Corn Silage 6 +f57 +u266*v266 (+w266/2666)*31 +x266*12 T ROW 267 $267: U267: V267: W267: X267: Y267: 2267: Corn Grain 6 +f57 +u267*v267 +w267*31 +x267*12 1b. ROW 268 S268: U268: V268: W268: X268: Y268: 2268: Soybean Oil Meal 6 +f57 +u268*v268 +w268*31 +x268*12 T ROW 269 8269: U269: V269: W269: X269: Y269: 2269: Wheat 6 +f57 +u269*v269 +w269'31 +x269*12 1b. ROW 216 A216 : $216: U216: V216: W216: X216: Y216: 2216: FEED PRODUCED Barley 6 +f57 +u216*v216 +w216*31 +x216*12 lb. 121 ROW 211 A211: 0211: E211: F211: H211: 1211: K211: 8211: U211: V211: W211: X211: Y211: 2211: Crop Type No. acres x average yield/acre total production total weight Oats 6 +f57 +u211*v211 +w211*31 +x211*12 1b. ROW 212 A212: C212: F212: 1212: J212: K212: L212: 5212: U212: V212: W212: X212: Y212: 2212: Alfalfa Hay +d166 +d116 +c212*f212 T +i212 T Soybeans 6 +f57 +u212*v212 +w212*31 +x212*12 1b. ROW 213 A213: C213: F213: 1213: J213: K213: L213: Alfalfa Haylage +d61 +d111 +c213*f213 T +1213 T ROW 214 A214: C214: F214: 1214: J214: K214: L214: 8214: Corn Silage +d162 +d112 +c214*f214 T +1214 T Feeds needs for ROW 215 A215: 0215: F215: Corn Grain +d163 +d113 1215: J215: K215: L215: 3215: U215: 122 +c215*f215 bu +1215*66 1b dry cows, avg. dry period - 66 days ROW 216 A216: 0216: F216: 1216: J216: K216: L216: Soybeans +d164 +d114 +c216*f216 bu +1216*55 1b ROW 217 A217: C217: F217: 1217: J217: K217: L217: 8217: U217: V217: W217: X217: Y217: 2217: Wheat +d165 +d115 +c217*f217 bu +1217*66 lb Alfalfa Hay 6 +h57 u217*v217 (+w217/2666)* 66 +x217 T ROW 218 A218: 0218: F218: 1218: J218: K218: L218: 8218: U218: V218: W218: X218: Y218: 2218: Barley +d166 +d116 +c218*f218 bu +1218*48 1b Alfalfa Haylage 6 +h57 u218*v218 (+w218/2666)* 66 +x218 T ROW 219 A219: C219: F219: 1219: J219: K219: Oats +d167 +d117 +0219*f219 bu +1219*32 L219: 8219: U219: V219: W219: X219: V219: 2219: 123 1b Corn Silage 6 +h57 u219*v219 (+w219/2666)* 66 +x219 T ROW 226 S226: U226: V226: W226: X226: Y226: 2226: Corn-Grain 6 +h57 +u226*v226 +w226*14 +x226 lb ROW 221 A221: 8221: U221: V221: W221: X221: Y221: 2221: INVENTORY DETERMINATION Soybean Oil Meal 6 +h57 +u221*v221 (+w221/2666)*66 +x221 T ROW 222 $222: U222: V222: W222: X222: Y222: 2222: Wheat 6 +h57 +u222*v222 +w222*66 +x222 1b ROW 223 8223: $223: U223: V223: W223: X223: Y223: 2223: Beginning Inventory Barley 6 +h57 +u223'v223 +w223*66 +x223 1b ROW 224 A224: 8224: $224: U224: V224: W224: X224: 4, Total Production Oats 6 +h57 +u224*v224 +w224*66 124 Y224: +x224 2224: lb ROW 225 S225: Soybeans U225: 6 V225: +h57 W225: +u225'v225 X225: +w225*66 Y225: +x225 2225: lb ROW 226 8226: Amount on Hand ROW 227 8227: Animal Needs ROW 228 U228: avg. 1b/ V228: No. W228: Daily X228: Total Y228: Total ROW 229 8229: Ending Inventory U229: day/ V229: heifers W229: feed X229: monthly Y229: annual ROW 236 A236: INVENTORY TIMING TABLE U236: heifer W236: needs lb X236: needs Y236: needs ROW 231 0231: JAN 0231: FEB E231: MARCH F231: APRIL 6231: MAY H231: JUNE 1231: JULY J231: AUGUST K231: SEPT L231: OCT M231: NOV N231: DEC ROW 232 A232: 0232: 0232: E232: F232: 6232: H232: 1232: J232: K232: L232: M232: N232: 125 Calf Starter +d129-v296 OIF(c232<6.6.c232)-v296 OIF(d232<6.6,d232)-v296 01F(e232<6.6.e232)-v296 01F(f232<6.6,f232)-v296 GIF(9232<6.6.9232)-v296 01F(h232<6.6.h232)-v296 OIF(1232<6.6.1232)-v296 oIF(3232<6.6,3232)-v296 01F(k232(6,6.k232)—v296 OIF(1232<6.6.1232)-v296 01F(m232<6.6.m232)-v296 ROW 233 A233: 0233: 0233: E233: F233: 6233: H233: 1233: J233: K233: L233: M233: N233: $233: Calf Grain +d136-v291 OIF(c233<6.6.0233)-v291 OIF(d233<6.6.d233)—v291 OIF(e233<6.6.e233)-v291 OIF(f233<6.6.f233)—v291 OIF(9233<6.6,9233)-v291 0IF(h233<6.6.h233)-v291 OIF(1233<6.6.1233)-v291 OIF(3233<6.6.J233)-v291 OIF(k233<6.6.k233)-v291 OIF(1233<6.6.1233)-v291 OIF(m233<6.6.m233)-v291 Feeds for ROW 234 A234: 0234: 0234: E234: F234: 6234: H234: 1234: J234: K234: L234: M234: N234: $234: Alfalfa Hay (+d126+oIF(c199=6.6.c199*d116)-v281) (OIF(0234<6.6,0234)+0IF(d199=6.6,d199*d116)-v281 (01F(d234<6.6.d234)+¢IF(e199=6.6.e199*d116)-v281 (OIF(e234<6,6.6234)+0IF(f199=6.6.f199*d116)-v281 (01F(f234<6.6.f234)+¢IF(g199=6.6.9199*d116)-v281 (OIF(9234<6.6.9234)+¢IF(h199=6,6,h199*d116)-v281 (01F(h234<6.6.h234)+01F(i199=6,6.1199*d116)-v281 (OIF(1234<6.6.1234)+OIF(3199=6,6,j199*d116)-v281 (01F(1234<6.6,3234)+01F(k199=6.6.k199*d116)-v281 (OIF(k234<6.6.k234)+OIF(1199=6.6,l199*d116)-v281 (OIF(1234<6.6.1234)+OIF(m199=6.6.m199*d116)-v281 (01F(m234<6.6.m234)+OIF(n199=6.6.n199*d116)-v281 heifers 1-2 yr. ROW 235 A235: 0235: 0235: E235: F235: 6235: H235: I235: Alfalfa Haylage (+d121+OIF(c266=6.6.c266*d111)-v282) (OIF(c235<6.6.0235)+01F(d266=6.6.d266*d111)-v282 (OIF(d235<6,6.d235)+OIF(e266=6.6,e266*d111)-v282 (OIF(e235<6.6.e235)+OIF(f266=6.6.f266*d111)-v282 (OIF(f235<6.6.f235)+0IF(gZ66=6.6.9266*d111)-v282 (OIF(9235<6.6,9235)+¢IF(h266=6.6.h266*d111)-v282 (OIF(h235<6.6,h235)+¢IF(1266=6.6.1266*d111)-v282 J235: K235: L235: M235: N235: 126 (OIF(1235<6,6,1235)+0IF(J266=6.6.1266*d111)-v282 (GIF(J235<6.6.3235)+0IF(k266=6.6.k266*d111)-v282 (GIF(k235<6.6.k235)+OIF(1266=6.6.1266*d111)—v282 (OIF(1235<6.6.1235)+OIF(m266=6.6,m266*d111)-v282 (@1F(m235<6,6.m235)+@IF(n266=6.6,n266*d111)-v282 ROW 236 A236: 0236: D236: E236: F236: 6236: H236: 1236: J236: K236: L236: M236: N236: S236: U236: V236: W236: X236: Y236: 2236: Corn Silage (+d122+0IF(c261=6.6,0261*d112)-v283) (OIF(c236<6.6.c236)+6IF(d261=6.6.d261*d112)-v283 (OIF(d236<6.6.d236)+OIF(e261=6.6,e261*d112)-v283 (OIF(e236<6.6.9236)+01F(f261=6.6.f261*d112)-v283 (OIF(f236<6.6,f236)+OIF(9261=6.6.9261*d112)-v283 (OIF(g236<6.6.9236)+¢IF(h261=6.6.h261*d112)-v283 (OIF(h236<6.6.h236)+@IF(i261=6.6.1261*d112)-v283 (GIF(i236<6.6.1236)+OIF(J261=6.6.3261*d112)—v283 (OIF(J236<6.6.J236)+0IF(k261=6.6.k261*d112)-v283 (OIF(k236<6.6.k236)+aIF(1261=6.6.1261*d112)-v283 (OIF(1236<6,6.l236)+oIF(m261=6.6,m261*d112)—v283 (OIF(m236<6,6.m236)+OIF(n261=6.6,n261*d112)-v283 Alfalfa Hay 6 +d58 +u236*v236 (+w236/2666)*31 +x236*12 T ROW 237 A237: 0237: D237: E237: F237: 6237: H237: 1237: J237: K237: L237: M237: N237: S237: U237: V237: W237: X237: Y237: Z237: Corn Grain (+1123+OIF(c262-6.6.c262*d113*66)-v284) (OIF(c237<6.6.c237)+0IF(d262=6.6.d262*d113*66)-v284) (OIF(d237<6.6.d237)+OIF(e262=6.6,e262*d113*66)-v284) (0IF(e237<6.6.6237)+¢IF(f262=6.6,f262*d113*66)—v284) (OIF(f237<6.6.f237)+¢IF(9262=6.6.9262*d113*66)-v284) (OIF(g237<6.6,9237)+0IF(h262=6,6.h262*d113*66)-v284) (01F(h237(6.6.h237)+0IF(1262=6.6.1262*d113*66)-v284) (OIF(1237<6.6,1237)+OIF(3262=6.6.1262*d113*66)-v284) (OIF(3237<6.6.J237)+@IF(k262=6.6.k262*d113*66)-v284) (OIF(k237<6,6.k237)+@IF(1262=6.6,1262*d113*66)-v284) (OIF(1237<6.6.1237)+aIF(m262=6.6,m262*d113*66)—v284) (GIF(m237<6.6.m237)+0IF(n262=6.6,n262*d113*66)—v284) Alfalfa Hay 6 +d58 +u237*v237 (+w237/2666)*31 +x237'12 T ROW 238 A238: 0238: D238: E238: Soybeans (+1124+OIF(c263-6.6,c263*d114*55)-v289) (OIF(c238<6.6,0238)+OIF(d263=6,6.d263*d114*55)—v289) (GIF(d238<6.6.d238)+¢IF(e263=6.6.e263*d114*55)-v289) F238: 6238: H238: I238: J238: K238: L238: M238: N238: $238: U238: V238: W238: X238: Y238: 2238: 127 (OIF(e238<6.6.e238)+aIF(f263=6,6,f263*d114*55)-v289) (OIF(f238<6.6,f238)+OIF(g263=6.6,g263*d114*55)-v289) (OIF(9238<6.6.9238)+GIF(h263=6.6.h263*d114*55)-v289) (OIF(h238<6.6.h238)+OIF(1263=6.6.1263*d114*55)-v289) (01F(i238(6.6,1238)+01F(j263=6.6,J263*d114*55)-v289) (OIF(3238<6.6,J238)+OIF(k263=6.6,k263*d114*55)-v289) (01F(k238<6.6,k238)+OIF(1263=6.6.1263*d114*55)-v289) (OIF(1238<6.6,1238)+OIF(m263=6.6,m263*d114*55)-v289) (GIF(m238<6,6.m238)+OIF(n263=6.6,n263*d114*55)—v289) Corn Silage 6 +d58 +u238*v238 (+w238/2666)*31 +x237*12 T ROW 239 A239: 0239: 0239: E239: F239: 6239: H239: 1239: J239: K239: L239: M239: N239: $239: U239: V239: W239: X239: Y239: 2239: Wheat (+1125+0IF(c264=6.6,c264*d115*66)-v286) (OIF(c239<6.6,c239)+0IF(d264=6.6.d264*d115*66)-v286) (OIF(d239<6.6.d239)+aIF(e264=6.6.e264*d115*66)-v286) (OIF(e239<6,6,e239)+¢IF(f264=6.6,f264*d115*66)—v286) (0IF(f239(6.6.f239)+OIF(gZ64=6.6.gZ64*d115*66)-v286) (OIF(9239<6,6.9239)+¢IF(h264=6.6.h264*d115*66)-v286) (OIF(h239<6.6.h239)+aIF(1264=6.6.1264*d115*66)—v286) (OIF(1239<6.6,1239)+GIF(3264=6.6.j264*d115*66)-v286) (OIF(J239<6.6.J239)+@IF(k264=6,6,k264*d115*66)-v286) (OIF(k239<6.6.k239)+@IF(1264=6.6.1264*d115*66)-v286) (OIF(1239<6,6.1239)+@IF(m264=6.6,m264*d115*66)—v286) (OIF(m239<6.6,m239)+@IF(n264=6.6,n264*d115*66)—v286) Corn Grain 6 +d58 +u239*v239 +w239*31 +x237'12 1b ROW 246 A246: 0246: 0246: E246: F246: 6246: H246: 1246: J246: K246: L246: M246: N246: 8246: U246: Barley (+i126+oIF(c265-6,6.c265*d116*48)-v287) (OIF(c246<6.6.c246)+OIF(d265=6.6,d265*d116*48)-v287) (OIF(d246<6,6.d246)+aIF(e265=6.6.e265*d116*48)-v287) (OIF(e246<6.6.e246)+aIF(f265=6.6,f265*d116*48)—v287) (OIF(f246<6.6,f246)+aIF(9265=6.6.9265*d116*48)—v287) (OIF(9246<6.6.9246)+01F(h265=6.6.h265*d116*48)—v287) (OIF(h246<6.6,h246)+OIF(i265=6.6,1265*d116*48)-v287) (OIF(i246(6.6.1246)+OIF(1265=6.6,J265*d116*48)-v287) (OIF(JZ46<6.6,1246)+01F(k265=6.6.k265*d116*48)—v287) (OIF(k246<6.6,k246)+aIF(1265=6.6.1265*d116*48)-v287) (OIF(1246<6.6.1246)+OIF(m265=6.6.m265*d116*48)-v287) (OIF(m246<6,6,m246)+aIF(n265=6.6,n265*d116*48)-v287) Soybean Oil Meal 6 128 V246: +d58 W246: +u246*v246 X246: (+w246/2666)*31 Y246: +x246*12 2246: T ROW 241 A241: Oats C241: (+1127+oIF(c266=6.6.c266*d117*32)-v288) D241: (OIF(c241<6.6.0241)+0IF(d266=6.6.d266*d117*32)-v288) E241: (OIF(d241<6.6.d241)+OIF(e266=6.6.e266*d117*32)—v288) F241: (OIF(e241<6.6.e241)+OIF(f266=6.6.f266*d117*32)-v288) 6241: (OIF(f241<6.6.f241)+0IF(9266=6.6.9266*d117*32)-v288) H241: (OIF(gZ41<6.6,9241)+OIF(h266=6.6.h266*d117*32)-v288) I241: (OIF(h241<6.6,h241)+OIF(1266=6.6,1266*d117*32)—v288) J241: (OIF(1241<6.6.1241)+¢IF(J266=6.6.3266*d117*32)—v288) K241: (0IF(1241<6.6.J241)+01F(k266=6.6,k266*d117*32)—v288) L241: (GIF(k241<6.6.k241)+OIF(1266=6.6,1266*d117*32)—v288) M241: (OIF(1241<6.6.1241)+0IF(m266=6.6.m266*d117*32)-v288) N241: (OIF(m241<6.6,m241)+OIF(n266=6.6.n266*d117*32)—v288) 8241: Wheat U241: 6 V241: +d58 W241: +u241*v241 X241: +w241*31 Y241: +x241*12 2241: lb ROW 242 A242: Soybean Oil Meal 0242: +d128-v285 0242: OIF(c242<6.6.c242)-v285 E242: OIF(c242<6.6.0242)—v285 F242: OIF(6241<6.6.e241)-v285 6242: OIF(f241<6.6.f241)-v285 H242: OIF(9242<6.6.9242)-v285 1242: 01F(h242<6.6.h242)-v285 J242: OIF(1242<6.6.1242)-v285 K242: OIF(j242<6.6.J242)-v285 L242: OIF(k242<6.6.k242)-v285 M242: OIF(1242<6.6.1242)—v285 N242: OIF(m242<6.6.m242)-v285 $242: Barley U242: 6 V242: +d58 W242: +u242*v242 X242: +w242*31 Y242: +x242*12 2242: lb ROW 243 $243: Oats U243: 6 V243: +658 W243: +u243*v243 136 M246: GABS(OIF(m233<6.m233*m75.6)) N246: OABS(01F(n233<6.n233*m75.6)) 0246: Osum(c246..n246) ROW 247 A247: Alfalfa Hay 0247: OABS(OIF(c234<6,0234*m62.6)) 0247: OABS(OIF(d234<6.d234*m62.6)) E247: OABS(OIF(e234<6.e234*m62.6)) F247: OABS(OIF(f234<6,f234'm62.6)) 6247: OABS(OIF(9234<6.9234*m62.6)) H247: OABS(OIF(h234<6.h234*m62,6)) 1247: OABS(6IF(1234<6,1234*m62.6)) J247: ¢ABs(oIF(3254<6.3234*m62,6)) K247: OABS(¢IF(k234<6,k234*m62,6)) L247: CABS(OIF(1234<6,1234*m62.6)) M247: OABS(¢IF(m234<6,m234*m62.6)) N247: OABS(OIF(n234<6.n234'm62,6)) 0247: Osum(c247..n247) U247: avg. 10/ V247: No. W247: Daily x247: Total Y247: Total ROW 248 A248: Alfalfa Haylage C248: OABS(OIF(c235<6.0235*m63.6)) 0248: OABS(OIF(d235<6.d235*m63,6)) E248: OABS(OIF(e235<6.e235*m63.6)) F248: OABS(OIF(f235<6.f235*m63.6)) 6248: OABS(OIF(9235<6.9235*m63.6)) H248: OABS(¢IF(h235<6.h235*m63.6)) I248: OABS(OIF(1235<6.1235*m63.6)) J248: OABS(OIF(3235<6.3235*m63.6)) K248: OABS(¢IF(k235<6.k235*m63.6)) L248: OABS(OIF(1235<6.1235*m63,6)) M248: CABS(OIF(m235<6.m235*m63,6)) N248: OABS(¢IF(n235<6,n235*m63.6)) 0248: asum(c248..n248) U248: day/ V248: heifers W248: feed X248: monthly Y248: annual ROW 249 A249: Corn Silage c249: OABS(¢IF(c236<6.c236*m64.6)) 0249: CABS(¢IF(d236<6.d236*m64.6)) E249: CABS(OIF(e236<6.e236*m64.6)) F249: OABS(¢IF(f236<6.f236*m64.6)) 6249: OABS(¢IF(9236<6.9236*m64.6)) H249: OABS(OIF(h236<6.h236*m64.6)) 1249: OABS(OIF(1236<6.1236*m64.6)) 129 X243: +w243'31 Y243: +x243'12 2243: lb ROW 244 A244: FEED PURCHASES 0244: JAN 0244: FEB E244: MARCH F244: APRIL 6244: MAY H244: JUNE 1244: JULY J244: AUGUST K244: SEPT L244: OCT M244: NOV N244: DEC 0244: TOTAL 8244: Soybeans U244: 6 V244: +d58 W244: +u244*v244 X244: +w244*31 Y244: +x244*12 2244: lb ROW 245 A245: Calf Starter 0245: OABS(OIF(c232<6.0232*m76.6 0245: OABS(OIF(d232<6,d232*m76.6 E245: OABS(OIF(8232<6.6232*m76.6 F245: GABS(OIF(f232<6.f232*m76.6 6245: OABS(GIF(g232<6.9232*m76.6 H245: OABS(OIF(h232<6.h232*m76.6 1245: OABS(OIF(1232<6.1232*m76.6 J245: OABS(OIF(3232<6.J232*m76.6 K245: 0A8$(01F(k232<6.k232*m76.6 L245: OABS(OIF(1232<6.1232*m76.6 M245: OABS(OIF(m232<6.m232*m76.6 N245: GABS(OIF(n232<6.n232*m76.6 0245: Osum(c245..n245) ROW 246 A246: Calf Grain 0246: GABS(OIF(c233<6,0233*m75.6) 0246: OABS(0IF(d233<6,d233*m75.6) E246: OABS(OIF(e233<6,e233*m75,6) F246: OABS(0IF(f233<6,f233*m75.6) 6246: OABS(OIF(9233<6.9233*m75,6) H246: OABS(¢IF(h233<6.h233*m75.6) 1246: OABS(¢IF(1233<6.1233*m75.6) J246: OABS(¢IF(J233<6.J233*m75.6) K246: CABS(¢IF(k233<6.k233'm75,6) L246: OABS(OIF(1233<6,1233*m75.6) J249: K249: L249: M249: N249: 0249: U249: W249: X249: Y249: 131 OABS(OIF(3236<6.J236*m64.6)) OABS(OIF(k236<6.k236*m64,6)) OABS(OIF(1236<6.1236*m64.6)) OABS(OIF(m236<6.m236*m64.6)) OABS(¢IF(n236<6.n236*m64.6)) asum(0249..n249) heifer needs lb needs needs ROW 256 A256: 0256: 0256: E256: F256: 6256: H256: 1256: J256: K256: L256: M256: N256: 0256: Corn Grain OABS(¢IF(c237<6.(+c237/66)*m65.6)) OABS(OIF(d237<6.(+d237/66)*m65,6)) OABS(OIF(6237<6.(+6237/66)*m65.6)) OA8$(OIF(f237<6.(+f237/66)*m65.6)) CABS(OIF(9237(6,(+9237/66)*m65.6)) OABS(OIF(h237<6.(+h237/66)*m65,6)) OABS(OIF(1237<6,(+1237/66)*m65,6)) OABS(OIF(3237<6.(+j237/66)*m65,6)) CA8$(¢IF(k237(6.(+k237/66)*m65,6)) OABS(OIF(1237<6.(+1237/66)*m65,6)) OABS(OIF(m237<6.(+m237/66)*m65,6)) OABS(0IF(n237<6.(+n237/66)*m65,6)) asum(c256..n256) ROW 251 A251: 0251: 0251: E251: F251: 6251: H251: 1251: J251: K251: L251: M251: N251: 0251: $251: U251: V251: W251: X251: Y251: 2251: Soybeans 6A8$(01F(0238<6,(+0238/55)*m66.6)) OABS(OIF(d238<6,(+d238/55)*m66.6)) OABS(¢IF(8238<6,(+e238/55)*m66,6)) OABS(OIF(f238<6.(+f238/55)*m66.6)) OABS(OIF(9238<6.(+gZ38/55)*m66.6)) CABS(OIF(h238<6.(+h238/55)*m66.6)) OABS(OIF(1238<6.(+1238/55)*m66.6)) OABS(OIF(J238<6.(+J238/55)*m66,6)) 0A8$(OIF(k238<6.(+k238/55)*m66.6)) 0A8$(OIF(1238<6.(+1238/55)*m66,6)) OABS(OIF(m238<6.(+m238/55)*m66.6)) OABS(OIF(n238<6.(+n238/55)*m66.6)) Osum(c251..n251) Alfalfa Hay +d59 6 +u251*v251 (+w251/2666)*31 +x251*12 T ROW 252 A252: 0252: 0252: E252: Wheat OABS(OIF(c239<6,(+c239/66)*m67,6)) OABS(¢IF(d239<6.(+d239/66)*m67,6)) OABS(OIF(e239<6.(+e239/66)*m67.6)) F252: 6252: H252: I252: J252: K252: L252: M252: N252: 0252: $252: U252: V252: W252: X252: Y252: 2252: 132 OABS(OIF(f239<6.(+f239/66)*m67,6)) OABS(OIF(9239<6.(+gZ39/66)*m67.6)) OABS(OIF(h239<6.(+h239/66)*m67.6)) OABS(OIF(1239<6,(+1239/66)*m67.6)) CABS(OIF(JZ39<6.(+J239/66)*m67.6)) 0A8$(01F(k239<6.(+k239/66)*m67.6)) OABS(OIF(1239<6,(+1239/66)*m67.6)) OABS(OIF(m239<6,(+m239/66)*m67.6)) 0A8$(01F(n239<6,(+n239/66)*m67.6)) asum(c252..n252) Milk 6 +d59 +u252*(v252/12*2) +w252*31 +x252*12 lb ROW 253 A253: 0253: 0253: E253: F253: 6253: H253: 1253: J253: K253: L253: M253: N253: 0253: $253: U253: V253: W253: X253: Y253: Z253: Barley OABS(OIF(C246<6,(+0246/48)*m68.6)) OABS(OIF(d246<6.(+d246/48)*m68.6)) OABS(OIF(8246<6.(+8246/48)*m68.6)) CABS(OIF(f246<6.(+f246/48)*m68.6)) OABS(OIF(9246<6.(+gZ46/48)*m68.6)) OABS(OIF(h246<6.(+h246/48)*m68.6)) 0AB$(OIF(1246<6,(+1246/48)*m68.6)) OABS(QIF(J246<6,(+3246/48)*m68,6)) OABS(OIF(k246<6,(+k246/48)*m68.6)) OABS(OIF(1246<6.(+1246/48)*m68.6)) 0A8$(01F(m246<6,(+m246/48)*m68.6)) 6A8$(61F(n246<6.(+n246/48)*m68.6)) 0sum(c253..n253) Calf Grain 6 +d59 +u253*(v253*9/12) (+w253/2666)*31 +x253*12 T ROW 254 A254: 0254: D254: E254: F254: 6254: H254: 1254: J254: K254: L254: M254: N254: Oats OABS(¢IF(C241<6,(+c241/32)*m69,6)) CABS(¢IF(d241<6,(+d241/32)*m69,6)) OABS(OIF(e241<6.(+e241/32)*m69.6)) CABS(OIF(f241<6,(+f241/32)*m69.6)) OABS(OIF(9241<6,(+g241/32)*m69.6)) GABS(¢IF(h241<6.(+h241/32)*m69,6)) OABS(OIF(1241<6.(+1241/32)*m69.6)) OABS(OIF(J241<6.(+3241/32)*m69.6)) ¢ABs(aIF(k241<6,(+k241/32)rm69.6)) OABS(0IF(1241<6.(+1241/32)*m69.6)) OABS(¢IF(m241<6,(+m241/32)*m69.6)) GABS(0IF(n241<6,(+n241/32)*m69,6)) 133 0254: Osum(c254..n254) ROW 255 A255: Soybean Oil Meal 0255: OABS(OIF(c242<6.c242*m71.6)) 0255: OABS(OIF(d242<6.d242*m71.6)) E255: OABS(01F(e242<6.e242*m71.6)) F255: OABS(OIF(f242<6,f242*m71.6)) 6255: OABS(OIF(g242<6,9242*m71.6)) H255: CABS(OIF(h242<6.h242*m71.6)) 1255: OABS(OIF(1242<6.1242*m71,6)) J255: OABS(OIF(3242<6.J242*m71.6)) K255: 0A8$(01F(k242<6.k242*m71.6)) L255: OABS(OIF(1242<6.1242*m71,6)) M255: GABS(OIF(m242<6.m242*m71,6)) N255: OABS(OIF(n242<6,n242*m71,6)) 0255: Osum(c255..n255) ROW 257 A257: TOTAL 0257: 0257: E257: F257: 6257: H257: 1257: J257: K257: L257: M257: N257: 0257: asum Osum Osum Osum Osum Osum Osum Osum Osum Osum asum asum Osum ROW 258 U258: V258: W258: X258: Y258: avg. No. Daily Total Total ROW 259 U259: V259: W259: X259: Y259: dov/ (c245. (d245. (e245. (f245. (9245. (h245. (1245. (5245. (k245. (1245. (m245. (n245. (0245. lb] steers feed monthly OflflUO ROW 266 Feeds for steers steers $266: U266: W266: X266: Y266: needs needs needs 1 lb .c255) .d255) .e255) .f255) .9255) .h255) .1255) .3255) .k255) .1255) .m255) .n255) .0255) 134 ROW 261 A261: RECEIPTS ROW 263 A263: MILK SALES ROW 264 8264: E264: S264: U264: V264: W264: X264: Y264: 2264: Average daily production- +d62 Alfalfa Hay 6 +d64 +u264*v264 (+w264/2666)*31 +x264'9 T ROW 265 8265: E265: $265: U265: V265: W265: X265: Y265: 2265: price/cwt +m57 Alfalfa Haylage 6 +d64 +u265*v265 (+w265/2666)*31 +x265*9 T ROW 266 $266: U266: V266: W266: X266: Y266: 2266: Corn Silage 6 +d64 u266'v266 (+w266/2666)*31 +x266*9 T ROW 267 A267: 8267: 0267: E267: 6267: H267: 1267: S267: U267: V267: W267: X267: Y267: 2267: +f57 no. cows x +d62 avg. daily prodn +0267*d267 lbs. shipped/day Corn Grain 6 +d64 +u267*v267 (+w267/2666)*31 +x267*9 1b ROW 268 A268: +d62 D268: D268: E268: 6268: H268: S268: U268: V268: W264: X268: Y268: 2268: 135 daily prodn x +m57 price/cwt - +0268*d268 daily income Soybean Oil Meal 6 +d64 u268*v268 (+w268/2666)*31 +x268*9 T ROW 269 $269: U269: V269: W269: W269: X269: Y269: 2269: Wheat 6 +d64 +u269*v269 +u269*v269 (+w269/2666)*31 +x269*9 lb ROW 276 A276: 0276: 0276: F276: 6276: $276: U276: V276: W276: X276: Y276: 2276: no. of days/month x daily income dollars/month Barley 6 +d64 +u276'v276 (+w276/2666)*31 +x276*9 lb ROW 271 A271: 0271: 6271: S271: U271: V271: W271: X271: Y271: 2271: 31 +9268 +0271*d271 Oats 6 +d64 +u271*v271 (+w271/2666)*31 +x271*9 1b ROW 272 A272: 0272: 6272: $272: U272: 36 +9268 +0272*d272 Soybeans 6 136 V272: +d64 W272: +u272*v272 X272: (+w272/2666)*31 Y272: +x272*9 2272: lb ROW 273 A273: 28 0273: +9268 6273: +0273*d273 ROW 276 A276: CATTLE SALES ROW 277 $277: Sum of monthly feed needs from amounts fed Y277: Sum of annual feed needs from amounts fed ROW 278 A278: Dairy Calves ROW 279 A279: calf/cow(cow no.) 0279: s 0279: +d57 F279: x 1/2 = 6279: +d279/2 H279: no. bull calves ROW 286 A286: +9279-d64 8286: - no. bull calves for sale 0286: (subtracting dairy steers for sale) $286: Alfalfa Hay V286: +x263+x216+x235+x256+x264 W286: T Y286: Alfalfa Hay AA286: +y263+y216+y235+y256+y264 A8286: T ROW 281 A281: +0286 8281: no. bull calves/12 = E281: +0281/12 F281: no. bull calves/month $281: Alfalfa Haylage V281: +x264+x217+x236+x265 W281: T Y281: Alfalfa Haylage AA281: +y264+y217+y236+y265 A8281: T ROW 282 A828: +0281 8282: no. bull calves 0282: x E282: +m58 F282: per calf = H282: +a282*0282 1282: monthly S282: Corn Silage V282: +x265+x218+x237+x266 W282: T Y282: Corn Silage AA282: +y265+y218+y237+y266 A8282: T ROW 283 $283: Corn Grain V283: +x266+x219+x238+x267 W283: lb Y283: Corn Grain AA283: +y266+y219+y238+y267 A8283: lb ROW 284 $284: Soybean Oil Meal V284: +x267+x226+x239+x268 W284: T Y284: Soybean Oil Meal AA284: +y267+y226+y239+y268 A8284: T ROW 285 A285: Cull Cows 8285: Wheat V285: +x268+x221+x246+x269 W285: lb Y285: Wheat AA285: +y268+y221+y246+y269 A8285: 1b ROW 286 A286: Cull Rate = 8286: .33 0286: of no. cows E286: unless otherwise specified 8286: Barley V286: +x269+x222+x241+x276 W286: 1b Y286: Barley AA286: +y269+y222+y241+y276 A8286: lb ROW 287 A287: +b286 8287: x 0287: +d57 0287: no. cows = F287: +0287*0287 6287: J287: K287: S287: V287: W287: Y287: AA287: A8287: 138 no. cows culled/12 - +f287/12 cows culled/month Oats +x216+x223+x242+x271 lb Oats +y216+y223+y242+y271 1b ROW 288 A288: 8288: E288: F288: 6288: H288: 1288: $288: V288: W288: Y288: 1466 lbs (assumed avg. wt.) x +m59 per lb. . +0288*f288 gross/cow Soybeans +x211+x224+x243+x272 lb Soybeans AA288: +y211+y224+y243+y272 A8288: lb ROW 289 A289: 8289: 0289: 0289: E289: H289: 1289: S289: V289: W289: Y289: V289: W289: Y289: AA289: +h288 gross/cow x +3287 no. cows culled/month = +h288*d289 monthly Calf Starter +x252 T Calf Starter +x252 T Calf Starter +y252 A8289: T ROW 296 $296: V296: W296: Y296: AA296: Calf Grain +x253 T Calf Grain +y253 A8296: T ROW 291 8296: Milk (Colostrum) V291: W291: +x291 1b 139 Y291: Milk (Colostrum) AA291: +y291 A8291: lb ROW 292 A292: Dairy Store ROW 293 A293: no. steers ROW 294 A294: 1666 8294: lb. steers x 0294: +m66 E294: per lb . F294: +0294*d294 6294: per steer ROW 295 A295: +d64 8295: no. steers x 0295: +F294 E295: - F295: total 6295: +0295*d295 8295: Comparison of Feed Need Estimates ROW 296 A296: +9295 8296: total/12 = 0296: +9295/12 E296: monthly ROW 297 ' $297: procedure U297: Derived W297: Actual Row 299 A299: Dairy Heifers $299: Forage U299: Osum(h187..h196) V299: T W299: asum(aa286..aa196) X299: T Row 366 A366: no. heifers sold = 6366: +067 U366: Osum(h192..h195)*2666 V366: 1b W366: +aa283+aa284*2666+00286+aa288+aa289*2666+00296*2666 X366: 1b ROW 361 146 A361: +d366 8361: No. heifers * D361: +m61 E361: - F361: +0361*d361 6361: total ROW 362 8362: +f361 C362: total/12 0362: - F362: +f361/12 G362: monthly ROW 365 A365: Federal Programs and Tax Refunds ROW 367 A367: Fed. & State Gas Refund D367: +e73 ROW 369 A369: State RL-tax refund 0369: +874 ROW 311 A311: Patronage Dividend Cash Received E311: +e76 Raw 313 A313: Miscellaneous Income E313: +078 ROW 317 A317: Expenditures ROW 318 A318: Labor Payroll N318: Total ROW 326 A326: Worker 10 0326: +d85 E326: +885 F326: +f85 6326: +985 H326: +h85 1326: +185 J326: +J85 K326: +k85 L326: +185 M326: +m85 N326: Osum(d326..m326) ROW 322 A322: 0322: E322: F322: 6322: H322: I322: J322: K322: L322: M322: N322: 141 Wages +d87 +087 +f87 +987 +h87 +187 +387 +k87 +187 +m87 asum(d322..m322) ROW 324 A324: 0324: E324: F324: 6324: H324: I324: J324: K324: L324: M324: N324: Hours/Month +d89 +089 +f89 +989 +h89 +189 +J89 +k89 +189 +m89 0sum(d324..m324) ROW 326 A326: 0326: E326: F326: 6326: H326: I326: J326: K326: L326: M326: N326: Gross Payroll +d322*d324 +e322*e324 +f322*f324 +g322*9324 +h322*h324 +1322*1324 +J3228J324 +k322*k324 +1322*l324 +m322*l324 Osum(d326..m326) ROW 328 A328: 0328: E328: F328: 6328: H328: I328: J328: K328: L328: M328: N328: Fringe Benefits +d326*d91 +e326*091 +f326*f91 +9326*991 +h326*h91 +1326*191 +J326*391 +k326*k91 +1326*191 +m326'm91 Osum(d328..m328) 142 ROW 336 A336: FICA D336: +d326*6.6715 E336: +626*6.6715 F336: +f326*6.6715 0336: +9326*6.6715 H336: +h326*6.6715 I336: +1326*6.6715 J336: +3326*6.6715 K336: +k326*6.6715 L336: +1326*6.6715 M336: +m326*6.6715 N326: Osum(d336..m336) ROW 322 A322: Net Payroll D332: +d326-(+d328+d336) E332: +e326-(+e328+e336) F332: +f326—(+f328+f336) 6332: +g326-(+g328+g336) H332: +h326-(+h328+h336) I332: +1326-(+1328+i336) 3332: +3326—(+J328+J336) K332: +k326-(+k328+k336) L332: +1326-(+l328+l336) M332: +m326-(+m328+m336) N332: Csum(d332..m332) ROW 334 A334: Management Payroll C334: +d93/12 D334: monthly ROW 336 A336: Livestock Expenditures ROW 338 A338: Feed— based on need to purchase as determined ROW 339 8339: by total feed needs as calculated above ROW 341: A341: feed type— amount needed x price = total expenditure S ROW 344 A344: Feed Additives-minerals.saltsLbuffers ROW 345 8345: dollars/ton x 0345: need x no. cows x 365 days K345: Osum(k346..k348) L345: Total monthly ROW 346 A346: 8346: 0346: D346: E346: G346: H346: K346: L346: 143 mineral +m72 x (+k188*f57)*365 Total lb. needs - +b346*(d346/2666) total expenditure/12 = +g346/12 monthly ROW 348 A348: 8348: 0348: D348: E348: E348: G348: H348: K348: L348: buffer +m74 x Total lb needs = (+k196*f57)*365 Total lb needs . +b348*(d348/2666) total expenditure/12 +g348/12 monthly ROW 356 A356: Bedding ROW 351 A351: 8351: 0351: E351: F351: needs 66 lbs of bedding/ 1666 lbs of cow/month ROW 352 A352: 0352: E352: F352: 84 lbs of bedding/ 1466 lbs of cow/month ROW 353 A353: 8353: 0353: D353: E353: F353: 84 X 12 MONTHS X 1666 lbs bedding/year/cow ROW 354 A354: 8354: C354: 0354: E354: F354: 6354: 1354: 1666 lbs x +057 no. cows +a354*c354 total lbs needed +f354/2666 144 J354: Tons needed ROW 355 A355: +1354 8355: Tons x 0355: +0134 0355: - E355: +0355*c355 F355: total expenditure/12 = 1355: +e355/12 J355: monthly ROW 357 A357: Livestock Supplies ROW 358 A358: annual cost per cow $56 ROW 359 A359: 56 8359: x 0359: +057 0359: cows . E359: +0359*c359 F359: total expenditure/12 = 1359: +e359/12 J359: monthly ROW 361 A361: Breeding Service ROW 362 A362: based on $/conception—semen use ROW 363 A363: +057 8363: cows x 0363: +0136 0363: . E363: +0363*c363 F363: total expenditure/12 I363: +e363/12 J363: monthly ROW 366 A366: Equity Retain - C366: +m77 D366: 6 of sales ROW 368 A368: 31 8368: days x 0368: x E368: +9271 F368: - 145 G368: +c368*e368 ROW 369 A369: 36 8369: days x 0369: +m77/166 0369: x E369: +9372 F369: - 6369: +c369*e369 ROW 376 A376: 28 8376: days x 0376: +m77/166 0376: x E376: +9273 F376: - G376: +0376*e376 ROW 372 A372: Dues B372: +m78 C372: 6 of sales ROW 374 A374: 31 8374: days x 0374: +m78/166 0374: x E374: +9271 F374: 3 6374: +c374*e374 ROW 375 A375: 36 8375: days x 0375: +m78/166 0375: x E375: +9272 F375: - 6375: +c375*e375 ROW 376 A376: 28 8376: days x 0376: +m78/166 0376: x E376: +9273 F376: 3 6376: +c376*e376 ROW 378 A378: Milk Hauling C378: +m79 146 0378: per cwt ROW 379: A379: lbs shipped/day/166 = cwt. ROW 386 A386: +m79 8386: x cwt ROW 381 A381: 31 8381: days x 0381: +m79 0381: x E381: - 6381: +a381*c381*e381 ROW 382 A382: 36 8382: days x 0382: +m79 0382: x E382: - G382: +a382*c382*e382 ROW 383 A383: 28 8383: days x 0383: +m79 0383: x E383: - 6383: +a383*c383*e383 ROW 385 A385: ADA & Milk Promotion- 0385: +m86 E385: per cwt. ROW 386 A386: lbs shipped/day/166 = cwt. ROW 387 A387: +m86 8387: x cwt. ROW 388 A388: 31 8388: days x 0388: x 0388: +h267/166 F388: - G388: +a388*c388*e388 ROW 389 A389: 36 147 8389: days x 0389: x 0389: +h267/166 F389: - G389: +0389*c389*e389 ROW 396 A396: 28 8396: days x 0396: x 0396: +h267/166 F396: - G396: +a396*c396*0396 ROW 392 A392: Whole Herd Buyout D392: +m81 E392: per cwt. ROW 393 A393: lbs shipped/day/166 = cwt. ROW 394: A394: +m81 8394: x cwt. ROW 395 A395: 31 8395: days x 0395: +m81 0395: x E395: +h267/166 F395: - G395: +a395*c395*e395 ROW 396 A396: 36 8396: days x 0396: +m81 0396: x E396: +h267/166 F396: - G396: +0396*c396*e396 ROW 397 A397: 28 8397: days x 0397: +m81 0397: x E397: +h267/166 F397: 8 6397: +0397*c397*e397 ROW 399 A399: Gramm-Rudman 148 0399: +m82 0399: per cwt. Row 466 A466: lbs shipped/day/166 = cwt. ROW 461 A461: +m82 8461: x cwt ROW 462 A462: 31 8462: days x 0462: +m82 0462: x E462: +h267/166 F462: s 6462: +a462*c462*e462 ROW 463 A463: 36 8463: days x 0463: +m82 0463: x E463: +h267/166 F463: 3 G463: +0463*C463*e463 ROW 464 A464: 28 8464: days x 0464: +m82 0464: x E464: +h267/166 F464: - G464: +0464*c464*e464 ROW 467 A467: Veterinarian Service ROW 468 A469: Monthly Clinic - if yes cost/clinic ROW 469 A469: if no- $66 annual expenditure/cow ROW 416 A416: $66 8416: x no. cows = total expenditures/12=monthly expenditure ROW 411 A411: 01F(d139=6.66,6) 8411: +057 0411: - D411: +0411*b411 149 E411: total expenditure/12 H411: +d411/12 I411: monthly ROW 413 A413: Medicine & Drugs ROW 414 A414: if included in monthly clinic $6 ROW 415 A415: if not an included expenditure average $15/cow annual ROW 416 A416: 15 8416: x no. cows = total expenditure/12 = monthly expenditure ROW 417 A417: 61F(h146=1.6.15) 8417: +057 0417: - D417: +0417*b417 E417: total expenditure/12 H417: +d417/12 I417: monthly ROW 419 A419: Crop Expenditure ROW 421 A421: Alfalfa hay F421: no. acres ROW 422 A422: Seeds & Plants D422: 6 E422: x F422: +0166 6422: - F422: +d422‘f422 ROW 423 A423: Fertilizer D423: 33 E423: x F423: +0166 6423: 8 H423: +d423*f423 ROW 424 A424: Herbs. & Insects. 0424: 7.25 E424: x F424: +0166 6424: - H424: 156 +d424*f424 ROW 425 A425: 0425: E425: F425: 6425: H425: Crop Suppl 14.16 x +d166 +d425'f425 ROW 426 A426: 0426: E426: F426: 6426: H426: Irrigation Power. 6 x +d166 +d426*f426 ROW 427 A427: 0427: E427: F427: 6427: H427: Lime 6 x +d166 +d427*f427 ROW 429 A429: F429: Alfalfa Haylage no. acres ROW 436 A436: 0436: E436: F436: 6436: H436: Seeds & Plants 6 x +0161 +d436*f436 ROW 431 A431: 0431: E431: F431: 6431: H431: Fertilizer 44.45 x +0161 +d431*f431 ROW 432 A432: 0432: E432: F432: 6432: H432: Herbs. & Insects. 7.25 x +0161 +d432*f432 ROW 433 151 A433: Crop Suppl 0433: 6 E433: x F433: +0161 6433: - H433: +d433*f433 ROW 434 A434: Irrigation Power 0434: 6 E434: x F434: +0161 6434: - H434: +d434*f434 ROW 435 A435: Lime 0435: 6 E435: x F435: +d161 6435: I H435: +d435*f435 ROW 437 A437: Corn Silage F437: no. acres ROW 438 A438: Seeds & Plants 0438: 26.6 E438: x F438: +0162 6438: - H438: +0438*f438 ROW 439 A439: Fertilizer D439: 54 E439: x F439: +0162 6439: - H439: +0439*f439 ROW 446 A446: Herbs. & Insects. 0446: 23 E446: x F446: +0162 6446: - H446: +0446*f446 ROW 441 A441: Crop Suppl 0441: 6 E441: x F441: 6441: H441: 152 +0162 +d441*f441 ROW 442 A442: 0442: E442: F442: 6442: H442: Irrigation Power 6 x +0162 +d442*f442 ROW 443 A443: 0443: E443: F443: 6443: H443: Lime 7.2 x +0162 +d443*f443 ROW 445 A445: 6445: Corn Grain no. acres ROW 446 A446: 0446: E446: F446: 6446: H446: Seeds & Plants 19.6 x +d163 +d446*f446 ROW 447 A447: 0447: E447: F447: 6447: H447: Fertilizer 22.6 x +0163 +d447*f447 ROW 448 A448: 0448: E448: F448: 6448: H448: Herbs. & Insects. 23 x +d163 +d448*f448 ROW 449 A449: 0449: E449: F449: 6449: H449: Crop Suppl 6 X +d163 +d446*f446 153 ROW 445 A456: Irrigation Power. 0456: 6 E456: x F456: +0163 6456: - H456: +d456*f456 ROW 451 A451: Lime 0451: 4.5 E451: x F451: +0163 6451: - H451: +d451*f451 ROW 452 A452: Drying Fuel 0452: 17.5 E452: x F452: +0163 6452: 8 H452: +d452*f452 ROW 454 A454: Soybeans F454: no. acres ROW 455 A455: Seeds & Plants 0455: 8.4 E455: x F455: +0164 6455: 8 H455: +d455*f455 ROW 456 A456: Fertilizer 0456: 6.8 E456: x F456: +0164 6456: - H456: +d456*f456 ROW 457 A457: Herbs. & Insects. 0457: 18.15 E457: x F457: +0164 6457: - H457: +0457*f457 ROW 458 A458: Crop Suppl D458: E458: F458: 0458: H458: 154 x +0164 +d458*f458 ROW 459 A459: 0459: E459: F459: 6459: H459: Irrigation Power 6 x +0164 +d459*f459 ROW 466 A466: 0466: E466: F466: 6466: H466: Lime 4.5 x +0164 +d466*f466 ROW 462 A462: Wheat F462: no . acres ROW 463 A463: 0463: E463: F463: 6463: H463: Seeds & Plants 16.8 x +0165 +d463*f463 ROW 464 A464: 0464: E464: F464: 6464: H464: Fertilizer 32.8 X +0165 +d464*f464 ROW 465 A465: 0465: E465: F465: 6465: H465: Herbs. & Insects. .85 x +0165 +d465*f465 ROW 466 A466: 0466: E466: F466: Crop Suppl 6 x +0165 155 6466: 8 H466: +d466*f466 ROW 467 A467: Lime 0467: 4.5 E467: x F467: +0165 6467: - H467: +d467*f467 ROW 468 A468: Lime 0468: 4.5 E468: x F468: +0165 6468: - H468: +d468*f468 ROW 476 A476: Oats F476: no. acres ROW 471 A471: Seeds & Plants 0471: 8.6 E471: x F471: +0166 6471: - H471: +d471*f471 ROW 472 A472: Fertilizer 0472: 8.6 E472: x F472: +0166 6472: - H472: +0472*f472 ROW 473 A473: Herbs. & Insects. 0473: .65 E473: x F473: +0166 6473: - H473: +d473*f473 ROW 474 A474: Crop Suppl 0474: 6 E474: x F474: +0166 6474: - H474: +d474*f474 156 ROW 475 A475: 0475: E475: F475: 6475: H475: Irrigation Power 6 x +d166 +d475*f475 ROW 476 A476: 0476: E476: F476: 6476: H476: Lime 4.5 x +d166 +d476*f476 ROW 478 A478: F478: Barley no. acres ROW 479 A479: 0479: E479: F479: 6479: H479: Seeds & Plants 13 x +0167 +d479*f479 ROW 486 A486: 0486: E486: F486: 6486: H486: Fertilizer 18.1 x +0167 +d486*f486 ROW 481 A481: 0481: E481: F481: 6481: H481: Herbs. & Insects. .65 x +0167 +d481*f481 ROW 482 A482: 0482: E482: F482: 6482: H482: Crop Suppl. 6 x +0167 +d482*f482 ROW 483 A483: 0483: Irrigation Power 6 157 E483: x F483: +0167 6483: I H483: +d483*f483 ROW 484 A484: Lime 0484: 4.5 E484: x F484: +0167 G484: - H484: +0484*f484 ROW 486 A486: Total Crop Expenditures ROW 487 A487: Seeds & Plants D487: +h422+h436+h438+h446+h455+h463+h471+h479 ROW 488 A488: Fertilizer D488: +h423+h431+h439+h447+h456+h464+h472+h486 ROW 489 A489: Herbs. & Insects. 0489: +h424+h432+h446+h448+h457+h465+h473+h481 ROW 496 A496: Crop Suppl 0496: +h425+h433+h441+h449+h458+h466+h474+h482 ROW 491 A491: Irrigation Power 0491: +h426+h434+h442+h456+h459+h467+h474+h483 Row 492 A492: Lime D492: +h427+h435+h443+h451+h466+h468+h475+h484 ROW 493 A493: Drying Fuel 0493: +h452 ROW 496 A496: Machinery & Farm Expenditures ROW 498 A498: Equipment Repair ROW 499: A499: Dairy Cow & 0499: 58 0499: x no. acres F499: 58 G499: H499: I499: J499: 158 x +057 +f499*h499 ROW 566 A566: replacement ROW 561 A561: 0561: 0561: F561: 6561: H561: 1561: J561: Alfalfa Hay 36.9 x no. acres 36.9 x +d166 +f561*h561 ROW 562 A562: 0562: 0562: F562: 6562: H562: 1562: J562: Alfalfa Haylage 32.9 x no. acres 32.9 x +d161 +f562*h562 ROW 563 A563: 0563: 0563: F563: 6563: H563: 1563: J563: Corn Silage 22 x no. acres 22 x +0162 +f563*h563 ROW 564 A564: 0564: 0564: F564: 6564: H564: 1564: J564: Corn Grain 18 x no. acres 18 x +d163 +f564*h564 ROW 565 A565: 0565: 0565: F565: 6565: H565: Soybeans 16 x no. acres 16 x +0164 1565: J565: 159 +f565*h565 ROW 566 A566: 0566: 0566: F566: 0566: H566: 1566: J566: Wheat 16 x no. 16 x +0165 +f566*h566 OCFGS ROW 567 A567: 0567: 0567: F567: 6567: H567: 1567: J567: Barley 16 x no. 16 x +d166 +f567*h567 acres ROW 568 A568: 0568: 0568: F568: 6568: H568: 1568: J568: Oats 16 x no. 16 x +0167 +f568*h568 OCFGS ROW 516 0516: total expenditure/12=monthly expenditure J516: asum(J499..J568) L516: 1516/12 M516: monthly ROW 514 A514: Machinery Leased ROW 515 A515: is there machinery leased? 0515: if yes - F515: cost = 6515: +0146 ROW 517 A517: Gasoline & Fuel ROW 518 A518: Dairy cow & 0518: 16.6 0518: x no. cows F518: 6518: H518: 1518: J518: 166 16.6 x +057 +f518*h518 ROW 519: A519: replacement ROW 526 A526: 0526: 0526: F526: 6526: H526: 1526: J526: Alfalfa Hay 16.7 x no. acres 16.7 x +d166 +f526*h526 ROW 521 A521: 0521: 0521: F521: 6521: H521: 1521: J521: Alfalfa Haylage 18.35 x no. acres 18.35 x +d161 +f521*h521 ROW 522 A522: 0522: 0522: F522: 6522: H522: 1522: J522: Corn Silage 11 x no. acres 11 x +0162 +f522*h522 ROW 523 A523: 0523: 0523: F523: 6523: H523: 1523: J523: Corn Grain 9.9 x no. acres 9.9 x +0163 +f523*h523 ROW 524 A524: 0524: 0524: F524: 6524: Soybeans 9 x no. acres 9 x H524: 1524: J524: 161 +0164 +f524*h524 ROW 525 A525: 0525: 0525: F525: 6525: H525: 1525: J525: Wheat 7 x no. 7 x +0165 +f525*h525 OCFGS ROW 526 A526: 0526: 0526: F526: 6526: H526: 1526: J526: Barley 6.5 x no. 6.5 x +d166 +f526*h526 acres ROW 527 A527: 0527: 0527: F527: 6527: H527: 1527: J527: Oats 6.9 x no. 6.9 x +0167 +f527*h527 acres ROW 529 0529: J529: L519: M529: total 0xpenditure/12=monthly expenditure asum(1518..J527) +1529/12 - monthly ROW 531: A531: Building & Improvement Repair ROW 532 A532: 0532: 0532: F532: 6532: H532: 1532: J532: Dairy cow & 11 x no. cows 11 x +057 +f532*h532 ROW 533 A533: replacement 162 ROW 534 A534: 0534: 0534: F534: 6534: H534: 1534: J534: Alfalfa Hay 2 x no. acres 2 x +d166 +f534*h534 ROW 535 A535: 0535: 0535: F535: 6535: H535: 1535: J535: Alfalfa Haylage 3.5 x no. 3.5 x +d161 +f535*h535 OCFBS ROW 536 A536: 0536: 0536: F536: 0536: H536: 1536: J536: Corn Silage 3.5 x no. 3.5 x +0162 +f536'h536 OCPGS ROW 537 A537: 0537: 0537: F537: 6537: H537: 1537: J537: Corn Grain 2.5 x no. acres 2.5 x +d163 +f537*h537 ROW 538 A538: 0538: 0538: F538: 6538: H538: 1538: J538: Soybeans 1.5 x no. 1.5 x +0164 +f538*h538 OCFGS ROW 539 A539: 0539: Wheat 1.5 163 0539: x no. acres F539: 1.5 6539: x H539: +0165 1539: - J539: +f539*h539 ROW 546 A546: Barley 0546: 1.5 0546: x no. acres F546: 1.5 6546: x H546: +0166 1546: s J546: +f546*h546 ROW 541 A541: Oats 0541: 1.5 0541: x no. acres F541: 1.5 6541: x H541: +0167 1541: - J541: +f541*h541 ROW 543 0543: total expenditure/12=monthly expenditure J543: asum(J532..1541) L543: +J543/12 M543: . monthly ROW 547 A547: Utilities ROW 548 A548: Dairy cow & 0548: 66.5 0548: x no. cows F548: 66.5 6548: x H548: 66.5 6548: x H548: +047 1548: . J548: +f548*h548 ROW 549 A549: replacement ROW 556 A556: Alfalfa Hay 0556: 1.5 0556: x no. acres F556: 0556: H556: 1556: J556: 164 1.5 X +d166 +f556*h556 ROW 551 A551: 0551: 0551: F551: 6551: H551: 1551: J551: Alfalfa Haylage 1.5 x no. acres 1.5 x +d161 +f551*h551 ROW 552 A552: 0552: 0552: F552: 6552: H552: 1552: J552: Corn Silage 5.5 x no. acres 5.5 x +0162 +f552*h552 ROW 553 A553: 0553: 0553: F553: 6553: H553: 1553: J553: Corn Grain 2.5 x no. acres 2.5 x +d163 +f553*h553 ROW 554 A554: 0554: 0554: F554: 6554: H554: 1554: J554: Soybeans 1.5 x no. acres 1.5 x +0164 +f554*h554 ROW 555 A556: 0555: 0555: F555: 6555: H555: 1555: Wheat 1.5 x no. acres 1.5 x +0165 J555: 165 +f555*h555 ROW 556 A556: 0556: 0556: F556: 6556: H556: 1556: J556: Barley 1.5 x no. acres 1.5 x +d166 +f556*h556 ROW 557 A557: 0557: 0557: F557: 6557: H557: 1557: J557: Oats 1.5 x no. acres 1.5 X +0167 +f557*h557 ROW 559 0559: total expenditure/12=monthly expenditure J559: asum(J548..3557) L559: +J559/12 M559: - monthly ROW 562 A562: Interest E562: Loan Repayment Schedule ROW 563 A563: based on loan schedules ROW 565 E565: Interest & Principal Calculations: ROW 566 E566: Person or L566: Monthly M566: Total ROW 567 E567: Firm owed F567: Term 6567: Bal. H567: Rate 1567: Payment J567: Interest K567: Principal L567: Pmt M567: Pmt Owed ROW 569 E569: F569: H569: 1569: J569: K569: L569: M569: 166 OIF(9569=6.6.@pmt(9569.h569.f569)) +h569*9569 +1569-1569 +1569/12 +1569*12 ROW 576 E576: F576: H576: 1576: J576: K576: L576: M576: oIF(gs76=6.6.0pmt(gs76.h576.f576)) +h576*9576 +1576-3576 +1576/12 +1576*12 ROW 571 E571: F571: H571: 1571: J571: K571: L571: M571: 01F(9571=6.6.0pmt(gs71.n571,f571)) +h571*9571 +1571-3571 +1571/12 +1571*12 ROW 572 E572: F572: H572: 1572: J572: K572: L572: M572: oIF(gs72=6,6.6pmt(9572,h572.f572)) +h572*9572 +1572—3572 +1572/12 +1572*12 ROW 573 E573: F573: H573: 1573: J573: K573: L573: M573: OIF(9573=6,6.Opmt(9573,h573,f573)) +h573*9573 +1573-3573 +1573/12 +1573*12 ROW 574 5574: F574: H574: 1574: J574: 01F(9574=6.6.0pmt(9574,h574,f574)) +h574*9574 167 K574: +1574-1574 L574: +1574/12 M574: +1574*12 ROW 576 1576: J576: K576: L576: M576: Osum(1569. Gsum(3569. Osum(k569. Osum(1569. Gsum(m569. .1574) .3574) .k574) .1574) .m574) ROW 577 A577: 0577: Insurance +0156 ROW 581 A581: 0581: Miscellaneous +0151 ROW 582 A582: Expenditures ROW 586 A586: Annual Net Cash Flow Summary ROW 588 0588: 0588; E588: F588: 6588: H588: 1588: J588: K588: L588: M588: N588: 0588: JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPT OCT NOV DEC TOTAL ROW 589 A589: Receipts ROW 591 A591: 0591: 0591: E591: F591: 6271: H591: 1291: J591: K591: L591: Milk Sales +9271 +9273 +9271 +9272 +9271 +9272 +9271 +9271 +9272 +9271 M591: N591: +9272 +9271 0591: +0sum(c591..n591) ROW 593 A593: Cattle Sales ROW 595 A595: Dairy Calves 0595-N595: +h282 0595: Osum(c595..n595) ROW 596 A596: Cull Cows 0566-N596: +h296 0566: asum(0596..n596) ROW 597 A597: Dairy Steers 0597-N597: +0296 0597: Osum(0597..n597) ROW 598 A598: Dairy Heifers 0598-N598: +0362 0598: asum(0598..n598) ROW 666 0666: 0666: E666: F666: 6666: H666: 1666: J666: K666: L666: M666: N666: 0666: Osum(0595. Osum(0595. Osum(0595. Osum(f595. 0sum(9595. asum(h595. Osum(1595. Osum(3595. Osum(k595. asum(1595. Osum(m595. Osum(n595. asum(0666. ROW 662 A662: Federal Programs ROW 663 A663: & Tax Refunds ROW 665 A665: Fed. & State ROW 666 A666: Gas Refund F666: +0367 .0598) .0598) .0598) .f598) .9598) .h598) .1598) .3598) .k598) .1598) .m598) .n598) .n666) 0666: Osum(0666..n666) ROW 667 A667: State RL tax H667: +0369 0667: Osum(0667..n667) ROW 669 0669: 0669: E669: F669: 6669: H669: 1669: J669: K669: L669: M669: N669: 0669: OSUM(c665. OSUM(0665. OSUM(0665. OSUM(f665. OSUM(9665. OSUM(h665. OSUM(1665. osum(3665. OSUM(k665. OSUM(1665. OSUM(m665. OSUM(n665. OSUM(0669. .0667) .0667) .0667) .f667) .9667) .h667) .1667) .3667) .k667) .1667) .m667) .n667) .n669) ROW 611 A611: Patronage Dividend ROW 612 A612: Cash Received ROW 615 A615: Miscellaneous 0615-N615: +078/12 0615: 0sum(0615..n615) ROW 617 A617: Total Receipts 0617: +0591+c666+0669+c612+0615 0617: +0591+0666+0669+0612+0615 E617: +0591+0666+0669+0612+0615 F617: +f591+f666+f669+f612+f615 6617: +9591+9666+0669+9612+9615 H617: +h591+h666+h669+h612+h615 1617: +1591+1666+1669+1612+1615 J617: +3591+3666+3669+3612+3615 K617: +k591+k666+k669+k612+k615 L617: +1591+1666+1669+1612+1615 M617: +m591+m666+m669+m612+m615 N617: +n591+n666+n669+n612+n615 0617: +0591+0666+0669+0612+0615 ROW 626 A626: EXPENDITURES 0626: JAN 0626: FEB E626: MARCH F626: APRIL 6626: MAY H626: 1626: J626: K626: L626: M626: N626: 0626: JUNE JULY AUGUST SEPT OCT NOV DEC TOTAL ROW 622 A622: Net Payroll 0622-N622: +n332 0622: asum(0622..n622) ROW 623 A623: 0623—N623: FICA +n336 0623: Osum(0623..n623) ROW 624 A624: Fringe Benefits 0624-N624: +n328 0624: Osum(0624..n624) ROW 625 A625: Mgt Payroll 0625-N625: 0625: Osum((0625..n625) ROW 627 0627: 0627: E627: F627: 6627: H627: 1627: J627: K627: L627: M627: N627: 0627: OSUM(0622. OSUM(0622. OSUM(0622. OSUM(f622. GSUM(9622. OSUM(h622. OSUM(1622. OSUM(3622. OSUM(k622. OSUM(1622. OSUM(m622. osum(n622. OSUM(0622. ROW 629 A629: Livestock ROW 631 A631: 0631: 0631: E631: F631: 6631: H631: Feed +0257 +0257 +0257 +f257 +9257 +h257 +0334 .0625) .0625) .0625) .f625) .9625) .h625) .1625) .3625) .k625) .1625) .m625) .n625) .0625) Expenditures 176 Osum(0632..n632) 1631: +1257 J631: +3257 K631: +k257 L631: +1257 M631: +m257 N631: +n257 0631: Row 633 A633: Bedding C633-N633: ROW 634 A634: Livestock Suppl 6634-N634: 0634: Osum(06344..n634) ROW 635 A635: Breeding Service 0635-N635: 0635: Osum(c635..N635) ROW 636 A636: 6636: 0636: E636: F636: 6636: H636: 1636: J636: K636: L636: M636: N636: 0636: Equity Retain +9368 +9376 +9368 +9369 +9368 +9369 +9368 +9368 +9369 +9368 +9369 +9368 Osum(0636..n636) ROW 637 A637: 6637: D637: E637: F637: 6637: H637: 1637: J637: K637: L637: M637: N637: 0637: Dues +9374 +9376 +9374 +9375 +9374 +9375 +9374 +9374 +9375 +9374 +9375 +9374 0sum(0637..n637) +1355 0633: asum(0633..n633) 171 ROW 638 A638: 0638: 0638: E638: F638: 6638: H638: 1638: J638: K638: L638: M638: N638: 0638: Milk Hauling +9381 +9383 +9381 +9382 +9381 +9382 +9381 +9381 +9382 +9381 +9382 +9381 Osum(0638..n638) ROW 639 A639: 0639: 0639: E639: F639: 6639: H639: 1639: J639: K639: L639: M639: N639: 0639: ADA & Milk Prom. +9388 +9396 +9388 +9389 +9388 +9389 +9388 +9388 +9389 +9388 +9389 +9388 Osum(0639..n639) ROW 646 A646: 6646: H646: 1646: J646: K646: L646: 0646: Whole Herd Buyout +9395 +9396 +9395 +9395 +9396 +9395 asum(0646..n646) ROW 641 A641: 6641: H641: I641: J641: K641: L641: 0641: Gramm-Rudman +9462 +9463 +9462 +9462 +9463 +9462 0sum(0641..n641) ROW 642 A642: 0642: Livestock Mrkting (+d132/166)*0666 0642: (+d132/166)*d666 E642: (+d132/166)*e666 F642: (+d132/166)*f666 6642: (+d132/166)*9666 H642: (+d132/166)*h666 1642: (+d132/166)*1666 J642: (+d132/166)*j666 K642: (+d132/166)*k666 L642: (+d132/166)*1666 M642: (+d132/166)*m666 N642: (+d132/166)*n666 0642: (+d132/166)*0666 ROW 643 A643: Vet. Services 0643-N643: 01F(d139=6.h411.d139) 0643: asum(0643..n643) ROW 644 A644: Medicine & Drugs 0644-N644: 01F(h417-.6.6.h417) 0644: Osum(0644..n644) ROW 646 C646: asum(0631..0644) 0646: Osum(d631..d644) E646: Osum(e631..0644) F646: Osum(f631..f644) 6646: Osum(9631..9644) H646: asum(h631..h644) 1646: osum(1631..1644) J646: asum(3631..3644) K646: Osum(k631..k644) L646: asum(1631..1644) M646: asum(m631..m644) N646: asum(n631..n644) 0646: Osum(o646..0646) ROW 648 A648: Crop Expenditures 0648: JAN 0648: FEB E648: MARCH F648: APRIL 6648: MAY H648: JUNE 1648: JULY J648: AUGUST K648: SEPT L648: OCT M648: NOV N648: DEC 0648: TOTAL ROW 656 173 A656: Seeds & Plants 0656—H656: +d487/5 0656: asum(0656..n656) ROW 651 A651: Fertilizer 0651-H651: +d488/5 0651: asum(0651..n651) ROW 652 A652: Herbs. & Insects 0652—H652: +d489/5 0652: asum(0652..n652) ROW 653 A653: Crop Suppl 0653-H653: +d496/5 0653: asum(0653..n653) ROW 654 A654: Irrigation Power 0654-H654: +d491/5 0654: Gsum(0654..n654) ROW 655 A655: Lime 0655-H655: +d492/5 0655: asum(0655..n655) ROW 656 A656: Drying Fuel 0656-H656: +d493/5 0656: asum(0656..n656) ROW 658 0658: 0658: E658: F658: 6658: H658: 1658: J658: K658: L658: M658: N658: 0658: Osum Osum Osum Osum Osum asum Osum Osum Osum Osum Osum Osum Osum ROW 666 A666: Machinery ROW 661 Form Expenditures A661: (0656. (d656. (9656. (f656. (9656. (h656. (1656. (3656.. (k656. (1656. (m656. (n656. (0658. .0656) .d656) .e656) .f656) .9656) .h656) .1656) 3656) .k656) .1656) .m656) .n656) .n658) 174 ROW 663 A663: Equipment Repair 0663-N663: +1516 0663: asum(0663..n663) ROW 664 A664: Mach. Leased N664: +d146 0664: asum(0664..n664) ROW 665 A665: Land Rent N665: +d149 0665: asum(0665..n665) ROW 666 A666: Gasoline & Fuel 0666-N666: +1529 0666: asum(0666..n666) ROW 667 A667: Bldg. & Imp Rpr. 0667-N667: +1543 0667: Osum(0667..n667) ROW 668 A668: Utilities 0668—N668: +1559 0668: asum(0668..n668) ROW 669 A669: Principal 0669-N669: +1576/12 0669: Osum(0669..n669) ROW 676 A676: Interest 0676—N676: +1576/12 0676: asum(0676..n676) ROW 671 A671: Insurance 0671-N671: +1156/12 0671: asum(0671..n671) ROW 672 A672: Miscellaneous CB72-N672: +1151/12 0672: Osum(0672..n672) ROW 674 0674: Osum(0663..0672) 0674: Osum(d663..d672) £674: Osum(e663..e672) F674: Osum(f663..f672) 175 6674: H674: 1674: J674: K674: L674: M674: N674: 0674: Osum(9663..9672) Osum(h663..h672) Osum(1663..1672) Osum(3663..3672) Osum(k663..k672) Osum(1663..1672) Osum(m663..m672) asum(n663..n672) Osum(o674..0674) ROW 677 A677: 0677: 0677: E677: F677: 6677: H677: 1677: J677: K677: L677: M677: N677: 0677: Total Expenditures +0627+0646+0658+0674 +d627+d646+d658+d674 +e627+e646+e658+e674 +f627+f646+f658+f674 +9627+9646+9658+9674 +h627+h646+h658+h674 +1627+1646+1658+1674 +3627+3646+3658+3674 +k627+k646+k658+k674 +1627+1646+1658+1674 +m627+m646+m658+m674 +n627+n646+n658+n674 +0627+0646+0658+0674 ROW 679 A679: 0679: 0679: E679: F679: 6679: H679: 1679: J679: K679: L679: M679: N679: 0679: Net Cash Flow +0617-0677 +d617-d677 +e617-e677 +f617—f677 +9617—9677 +h617-h677 +i617-1677 +3617-3677 +k617-k677 +1617—1677 +m617-m677 +n617-n677 +o617-0677 ROW 681 A681: OTHER ADJUSTMENTS ROW 683 A683: ADJUSTED NET ROW 684 A684: 0684: 0684: E684: F684: 6684: CASH FLOW +0679+0681 +d679+d681 +e679+9681 +f679+f681 +9679+9681 176 H684: 1684: J684: K684: L684: 0684: M684: 0684: +h679+h681 +1679+1681 +3679+3681 +k679+k681 +1679+1681 +m679+m681 +n679+n681 +0679+o681 177 BIBLIOGRAPHY 178 BIBLIOGRAPHY American Institute of Certified Public. 1986. 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