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Ivan & Frederick Essay

799 words - 4 pages

1. For each farm, prepare balance sheets as of the beginning and end of the growing season and an income statement for the season.

Balance Sheet at Beginning of Growing Season

BALANCE SHEET: IVAN (Beginning of Season) |   |   |   |   |   |
  |   |   |   |   |   |   |   |
ASSETS | Beg. of Season |   |   | LIABILITIES & EQUITY | Beg. of Season |
Current Assets |   |   |   | Current Liabilities |   |
  | Seed | 20 |   |   |   |   |   |
  | Fertilizer (20 lbs.=2 bushes) | 2 |   |   |   |   |   |
Total Current Assets | 22 |   |   | Total Current Liabilities | 0 |
  |   |   |   |   |   |   |   |
Fixed Assets |   |   |   | Shareholders Equity |   |
  | Land (5 bushels ...view middle of the document...

= 2 bushes of wheat) | 2 |   |
  |   | Cost of Goods Sold |   | 22 |
  |   |   |   |   |   |
  |   | Gross Profit (Loss) |   | 221 |
  |   |   |   |   |   |
Expenses |   |   |   |   |
  | Depreciation: Ox (1 ox=40 bushes of wheat; 1 Ox=10 years of Farming) | 4 |   |
  | Depreciation: Plow (1 Plow=3 bushes of wheat) | 1 | |
  | Loss of Plow |   | 2 |   |
  |   | Total Expenses |   |   | 7 |
  |   |   |   |   |   |
  |   | Net Income |   |   | 214 |

Income Statement: | FREDERICK |   |   |
  |   |   |   |   |   |
Sales |   |   |   |   |
  | Bushes of Wheat |   | 138 |   |
  |   | Net Sales |   |   | 138 |
  |   |   |   |   |   |
Cost of Goods Sold |   |   |   |
  | Seed |   |   | 10 |   |
  | Fertilizer (10 lbs. = 1 bushes of wheat) | 1 |   |
  |   | Cost of Goods Sold |   | 11 |
  |   |   |   |   |   |
  |   | Gross Profit (Loss) |   | 127 |
  |   |   |   |   |   |
Expenses |   |   |   |   |
  | Depreciation: Ox (1 ox=40 bushes of wheat; 1 Ox=10 years of Farming) | 4 |   |
  | Depreciation: Plow (1 Plow=3 bushes of wheat) | 1 | |
  | Loss of Plow |   | 0 |   |
  |   | Total Expenses |   |   | 5 |
  |   |   |   |   |   |
  |   | Net Income |   |   | 122 |

Balance Sheet at End of Season

BALANCE SHEET: IVAN (End of Season) |   |   |   |   |   |   |
  |   |   |   |   |   |   |   |
ASSETS | End of Season |   |   | LIABILITIES & EQUITY | End of Season |
Current Assets |   |   |   | Current Liabilities |   |
  | Wheat | 223 |   |   |   | Payable (Plowmaker) | 3 |
  | Seed | 0 |   |   |   |   |   |
  | Fertilizer (20 lbs.=2 bushes) | 0 |   |   |   |   |   |
Total Current Assets | 223 |   |   | Total Current Liabilities | 3 |
  |   |   |   |   |   |   |   |
Fixed Assets |   |   |   | Shareholders Equity |   |
  | Land (5 bushels of wheat per acre) | 100 |   |   |   | Baron Beginning Equity | 162 |
  | Ox (1 ox= 40 bushes of wheat) | 40 |   |   |   | Retained Earnings | 194 |
  | (less accumulated depreciation) | -4 |   |   |   |   |   |
  | Plow | 0 |   |   |   |   |   |
  | (less accumulated depreciation) | 0 |   |   |   |   |   |
  |   |   |   |   |   |   |   |
Total Net Fixed Assets | 136 |   | | Total Equity | 356 |
  |   |   |   |   | |   |   |
TOTAL ASSETS | 359 |   |   | TOTAL LIABILITIES & EQUITY | 359 |

BALANCE SHEET: FREDERICK (End of Season) |   |   |   |   |   |
...

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