Show LABOR INCOME OR OB OPERATORS LABOR AND WAGE by C 0 stott U S A C extension economist there is a term that the farmers of utah should become familiar with that Is labor income or it Is sometimes called operators labor and management wage the labor income represents what wha t tle the operator gets tor for his time spent in actual work on the larm farm as well bs time devoted to the management problems and is arrived at by deducting ducting g three sets of expense items from the total receipts the three groups of eapen expenses sea are 1 A all 11 caba farm expenses together with decreased inventory values 2 the value of all family labor exclusive of the operators labor and 3 interest on the net capital invested the last ast two named items value of family labor and interest on net capital invested are what we commonly call non cash expenses farms should be made to produce enough income to pay these legitimate deductions it if farming is to be classed as a business along side bide ot of other strictly business enterprises and the sooner the farmers of our state slate begin to think and figure jn in these terms the sooner will their general farm management practices practice iii as so adjusted as to produce the necessary income such a line ft ef thinking dignifies dignified farming and takes lakes it as a profession out of the realm ic alm of mediocrity that so many of our good farm folks themselves want to so classify their occupation unless farm accounts are kept a d farmer is working in the dark there is too much guess in his business account keeping Is even more valuable in periods of low margins suh as we are passing through at the present time records kept but not tabulated analyzed and studied are ct cf very little value no one can ar live at his labor income without keeping accounts |