LABORATORY EXERCISES 387 



84. A Farm Problem. 



A farm problem involves the application of all the principles learned 

 in the study and practice of agriculture to the management of a par- 

 ticular farm. It corresponds to the plans and specifications and financial 

 estimates that an architect makes for a building. Such a plan will 

 require a considerable amount of time and thought, but it is well 

 worth while. Such a problem may be written up by the following 

 outline: 



(1) Description of the farm, location, areas, fields, soils, previous 

 crops, buildings, fences, roads, markets, etc. 



(2) Inventory of property on the farm. (May be replaced by a list 

 of things necessary.) 



(3) Proposed system of management. The chief features of the 

 plan outlined for at least five years. 



(4) Crops (for given year): 



(a) Crop, field, area, estimated yield per acre; total yield. To 



be filled out for each field. 

 (6) Cash crops. 



(c) Crops for feed, concentrates roughage bedding. 



(d) Crops saved for seed. 



(5) Food for stock: 



(a} Cows, horses, hens, etc., each itemized per animal, and total. 

 (6) Total food required, 

 (c) Food to be purchased. 



(6) Animal products: 



(a) Products of wool, milk, lamb, colts, etc. 

 (6) Products sold. 



(7) Receipts itemized. 



(8) Expenses itemized. 



(9) Inventory at end of year, allowing for depreciation, increases 

 in value, etc. (The depreciation and losses of horses and cows is usually 

 about 15 per cent; of chickens, 40 per cent; of tools, 12 to 15 per cent.) 



(10) Financial results: 



Balance equals receipts, less expenses. 



Farm income equals balance, plus or minus change in inventory. 



Labor income equals farm income, minus interest on capital, 



or 5 per cent on average of two inventories. 

 If a tenant farm, labor income of tenant. 

 Percentage on investment made by landlord. 

 In a similar way, estimate may be made for a series of years. 



