Workshop
(Continued from Page 42)
To be successful, it’s important to “wear separate
hats.” Farmers have to understand they are an
“employee” of the farm operation and use a
“draw” from the business entity as compensation.
• If we claim depreciation against the mixer
wagon, it affects assets and liabilities. We decrease
assets and increase expenses, which lessens equity.
When using depreciation, make use of economic
depreciation rather than tax depreciation, which
has more cost benefits in the long run.
• We purchase fertilizer on an account with a
dealer for immediate use on a field increasing lia
bility and decreasing equity. Hilty noted this can
distort the profit and loss statements at a certain
point in time.
These types of decisions can affect any one or two
jf the accounting types in the equation.
Attendees were challenged to answer a variety of
questions about possibilities. One question is
there a way to increase assets and increase ex
penses? No one had an answer, because “you
cannot increase an asset and increase an expense,”
(Turn to Page 45)
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