TABLE 7
                   FINANCIAL STANDARDS MEASURES, 2003
        North Dakota Farm Business Management Education Program 
                              State Report          
                    (Farms Sorted By Net Farm Income)           

                                     Avg. Of 
                                    All Farms     Low 20%    High 20%

Number of farms                           431          86          87

LIQUIDITY
  Current ratio                          1.62        0.98        2.26
  Working capital                      79,083      -2,441     258,120

SOLVENCY (cost)
  Farm debt to asset ratio               50 %        65 %        37 %
  Farm equity to asset ratio             50 %        35 %        63 %
  Farm debt to equity ratio              98 %       189 %        58 %

PROFITABILITY (cost)
  Rate of return on farm assets         8.1 %      -2.3 %      13.6 %
  Rate of return on farm equity        10.8 %     -18.2 %      18.3 %
  Operating profit margin              19.2 %      -7.5 %      27.6 %
  Net farm income                      65,687      -7,197     191,203

REPAYMENT CAPACITY
  Term debt coverage ratio              179 %        44 %       334 %
  Capital replacement margin           34,732     -20,269     141,986

EFFICIENCY
  Asset turnover rate (cost)           42.0 %      31.2 %      49.2 %
  Operating expense ratio              66.5 %      85.6 %      60.1 %
  Depreciation expense ratio            6.5 %       8.9 %       6.3 %
  Interest expense ratio                5.6 %       9.8 %       3.5 %
  Net farm income ratio                21.3 %      -4.4 %      30.1 %