BOOKKEEPING BUSINESS TRANSACTIONS 11 



7. Mr. Smith on March 1, 1916, has property with the follow- 

 ing values : Cash $1200, swine $600, horses $1800, cattle $1000, 

 poultry $60, equipment $700, buildings $4000, and land $12,000. 

 Ele owes $100 on a promissory note at the bank. 



Prepare a Statement of Resources and Liabilities for Mr. 

 Smith as of March 1, 1916. 



8. On February 28, 1917, Mr. Smith's resources consist of the 

 following: Cash $1400, swine $600, horses $1800, cattle $1000, 

 poultry $60, equipment $1000, buildings $4000, and land $15,000. 

 His only liability is a mortgage on real estate of $2000. 



Prepare a Statement of Resources and Liabilities for Mr. 

 Smith as of February 28, 1917. 



9. Referring to problems 7 and 8 above, answer the questions 

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

 Black's business in problem 3 above. 



10. Mr. White finds that his income for the year ending Febru- 

 ary 28, 1917, was derived from the following sources: sale of 

 corn $1400, sale of oats $900, sale of swine $700, miscellaneous 

 sales $200. His expenses were for labor $400, rent $500, general 

 items $700. 



(a) Prepare a Loss and Gain Statement for Mr. White's 

 business for the year ended February 28, 1917. 



(b) Is Mr. White's net capital greater or less than at the 

 beginning of the year? How much? 



11. The Mr. Smith mentioned in problems 7 and 8 above finds 

 that his income for the year ended February 28, 1917, was derived 

 from the following sources : sale of wheat $700, sale of swine $200, 

 sale of milk products $300, sale of corn $800, sale of timothy hay 

 $100, sale of fruit and garden truck $100, sale of oats $600. 

 His expenses were for labor $500, interest on mortgage $60, gen- 

 eral items, $640. 



Prepare a Loss and Gain Statement for Mr. Smith for the year 

 ended February 28, 1917. 



12. Referring to problem 11 above, 



(a) Is Mr. Smith's net capital greater or less than at the 

 beginning of the year? 



(b) How much? 



(c) What was Mr. Smith's total income? 



