FBMT1121

This course will take the student through a step-by-step procedure to close out a complete year of farm business records. This course will emphasize tax planning, completing inputs to livestock and crop enterprises, and emphasizing cash and liabilities accuracy. A completed business and enterprise analysis will be the course focus.Student Learning Outcomes

• Identify credits and deductions for tax management
• Identify the data necessary to complete a business analysis
• Examine the compatibility of new technology with existing systems
• Compare the sources, pricing, and performance of business and production inputs
• Employ a detailed record keeping system
• Develop family and personal goals
• Compare the actual vs. planned cash flow
• Explain how the farm management cycle pertains to the farm business
• Examine the implications of asset valuation and depreciation
• Construct a detailed year-end balance sheet
• Construct a tax management plan
• Assemble accurate production records