TABLE 12. Whole farm summary, Roswell-Hagerman area, Chaves County, 200 ------------------------------------------------------------------------ GROSS RETURNS ALFALFA HAY 300 ACRES CROP $253,500 WHEAT 51 ACRES CROP $10,200 GRAZING $2,244 ASCS DEFICIENCY $1,571 ASCS DIVERSION $0 SMALL GRAINS 87 ACRES CROP $34,800 UPLAND COTTON (PICKER) 51 ACRES COTTON LINT $26,393 COTTON SEED $2,984 ASCS DEFICIENCY $1,008 ASCS DIVERSION $1,530 UPLAND COTTON (STRIPPER) 51 ACRES COTTON LINT $24,863 COTTON SEED $2,984 ASCS DEFICIENCY $2,142 ASCS DIVERSION $1,530 CORN 60 ACRES CROP $24,000 _________ GROSS RETURN $389,747 CASH OPERATING EXPENSES SEED $10,577 FERTILIZER $27,315 CHEMICALS CROP INSURANCE $1,350 OTHER PURCHASED INPUTS $1,658 CANAL WATER $0 FUEL, OIL & LUBRICANTS-EQUIPMENT $13,264 FUEL-IRRIGATION $36,513 REPAIRS $12,312 CUSTOM CHARGES $15,319 LAND TAXES $938 OTHER EXPENSES $18,993 _________ TOTAL CASH EXPENSES $138,239 RETURN OVER CASH EXPENSES $251,508 FIXED EXPENSES $45,326 TOTAL EXPENSES $183,565 NET FARM INCOME $206,182 LABOR AND MANAGEMENT COSTS $58,753 NET OPERATING PROFIT $147,429 CAPITAL COSTS INTEREST ON OPERATING CAPITAL $4,123 INTEREST ON EQUIPMENT INVESTMENT $17,750 _________ TOTAL CAPITAL COSTS $21,872 RETURN TO LAND AND RISK $125,556 ========= ======================================================================== ------------------------------------------------------- RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** ------------------------------------------------------- $1,000 /ACRE $99,956 15.37% $3,000 /ACRE $48,756 6.58% $5,000 /ACRE ($2,444) 4.19% $7,000 /ACRE (53,644) 3.07% $9,000 /ACRE (104,844) 2.43% ------------------------------------------------------- * RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L