10 FARM ACCOUNTING 



Prepare a Statement of Resources and Liabilities for Mr. 

 Black as of March 1, 1916. 



2. On February 28, 1917, Mr. Black's resources are as follows : 

 Cash $1000, swine $700, poultry $100, horses $1200, equipment 

 $400, and a promissory note signed by Mr. Peck for $200. There 

 are no liabilities to outsiders. 



Prepare a Statement of Resources and Liabilities for Mr. Black 

 as of February 28, 1917. 



3. Referring to problems 1 and 2 above, 



(a) What was Mr. Black's net capital or net worth at the 

 beginning of the year, March 1, 1916? 



(b) How much was it at the close of the year, February 28, 

 1917 ? 



(c) How much better off was Mr. Black's business at the close 

 of the year than at the beginning? 



(d) What resources were valued at the same figure at the 

 close as at the beginning? 



(e) What resources were valued at a greater figure at the 

 close than at the beginning of the year? 



(f) What change was there in liabilities at the close com- 

 pared with the beginning of the year? 



(g) State what general conditions or activities during the 

 year probably caused these changes in resources and liabilities. 



4. Mr. Weld on March 1, 1916, values his resources as fol- 

 lows: Cash $1000, cattle $900, horses $1400, sheep $600, equip- 

 ment $500, buildings $5000, land $10,000. His liabilities consist 

 only of a mortgage on the land of $1000. 



Prepare a Statement of Resources and Liabilities for Mr. Weld 

 as of March 1, 1916. 



5. On February 28, 1917, Mr. Weld's resources are as follows: 

 Cash $1000, cattle $900, horses $1400, sheep $600, equipment 

 $800, buildings $5000, land $10,000. He has no liabilities to out- 

 siders. 



Prepare a Statement of Resources and Liabilities for Mr. 

 Weld as of February 28, 1917. 



6. Referring to problems 4 and 5 above, answer the questions 

 concerning Mr. Weld's business that were asked concerning Mr. 

 Black's business in problem 3 above. 



