TABLE 7. Whole farm summary, Curry County, 2001. ------------------------------------------------------------------------ GROSS RETURNS ALFALFA HAY 500 ACRES CROP $390,000 ________ GROSS RETURN $390,000 CASH OPERATING EXPENSES $8,850 $69,301 CHEMICALS $15,965 CROP INSURANCE $0 OTHER PURCHASED INPUTS $2,521 CANAL WATER $0 FUEL, OIL & LUBRICANTS-EQUIPMENT $9,114 FUEL-IRRIGATION $52,208 REPAIRS $12,439 CUSTOM CHARGES $900 LAND TAXES $439 OTHER EXPENSES $20,927 ________ TOTAL CASH EXPENSES $192,664 RETURN OVER CASH EXPENSES $197,336 FIXED EXPENSES $44,214 TOTAL EXPENSES $236,878 NET FARM INCOME $153,122 LABOR AND MANAGEMENT COSTS $49,720 NET OPERATING PROFIT $103,402 CAPITAL COSTS INTEREST ON OPERATING CAPITAL $5,448 INTEREST ON EQUIPMENT INVESTMENT $15,866 ______ TOTAL CAPITAL COSTS $21,314 RETURN TO LAND AND RISK $82,088 ========= ======================================================================== ------------------------------------------------------- RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** ------------------------------------------------------- $500 /ACRE $69,288 16.03% $1,000 /ACRE $56,488 10.71% $1,500 /ACRE $43,688 8.05% $2,000 /ACRE $30,888 6.44% $2,500 /ACRE $18,088 5.37% ------------------------------------------------------- * RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L