TABLE 11. Whole farm summary, Roswell-Hagerman Area, Chaves County, 200 ------------------------------------------------------------------------ GROSS RETURNS ALFALFA HAY 175 ACRES CROP $147,875 WHEAT 26 ACRES CROP $5,100 GRAZING $1,122 ASCS DEFICIENCY $785 ASCS DIVERSION $0 OAT HAY 42 ACRES CROP $16,600 UPLAND COTTON (PICKER) 34 ACRES COTTON LINT $17,595 COTTON SEED $1,989 ASCS DEFICIENCY $735 ASCS DIVERSION $1,020 UPLAND COTTON (STRIPPER) 34 ACRES COTTON LINT $15,555 COTTON SEED $1,989 ASCS DEFICIENCY $1,428 ASCS DIVERSION $1,020 _________ GROSS RETURN $212,813 CASH OPERATING EXPENSES SEED $4,956 FERTILIZER $12,853 CHEMICALS $15,559 CROP INSURANCE $150 OTHER PURCHASED INPUTS $926 CANAL WATER $0 FUEL, OIL & LUBRICANTS-EQUIPMENT $6,988 FUEL-IRRIGATION $48,688 REPAIRS $8,850 CUSTOM CHARGES $9,593 LAND TAXES $484 OTHER EXPENSES $18,996 _________ TOTAL CASH EXPENSES $128,043 RETURN OVER CASH EXPENSES $84,770 FIXED EXPENSES $44,561 TOTAL EXPENSES $172,604 NET FARM INCOME $40,209 LABOR AND MANAGEMENT COSTS $28,111 NET OPERATING PROFIT $12,098 CAPITAL COSTS INTEREST ON OPERATING CAPITAL $2,641 INTEREST ON EQUIPMENT INVESTMENT $18,073 _________ TOTAL CAPITAL COSTS $20,715 RETURN TO LAND AND RISK ($8,617) ========= ======================================================================== ------------------------------------------------------- RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** ------------------------------------------------------- $1,000 /ACRE ($21,417) 1.95% $3,000 /ACRE ($47,017) 0.96% $5,000 /ACRE ($72,617) 0.64% $7,000 /ACRE ($98,217) 0.48% $9,000 /ACRE ********* 0.38% ------------------------------------------------------- * RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L