202 FARM ACCOUNTING 



Feb. 14. Buggy shed burned, in which $300 worth of equip- 

 ment was rendered useless. (Building loss does not affect Hie 

 tenant.) 



Feb. 18. Sold remnants of the equipment damaged by fire for 

 $30 cash. 



Feb. 28. Received a check from the insurance company for 

 $250 to reimburse for damage from the fire of Feb. 1 I. 



Feb. 28. Paid rent for the year in <-a>h. .-r.V.'i. 



Feb. 28. The inventory taken at this date was valued as fol- 

 lows: Equipment, $2!>5; horses, $530; cattle, $270; hogs, $545; 

 corn, $1030; oats, $300; hay, $190; and straw, $_'_'.".. 



(a) Post all entries to the ledger, including totals of all but 

 the Sundry colun. 



(b) Take off a trial balance before considering inventories. 



(c) Considering inventories, prepare a Loss and Gain 

 count, close its balance into Capital account and rule off the 

 accounts, briniiinv down inventories below the rulings. 



(d) Prepare a trial bala: -lo^inir. which may he con- 

 sidered also as a Statement of Resource- and Liabilities, as at 

 Feb. 28, 1918. 



(e) Prepare a Farm and Individual Income Statement for the 

 year ended Feb'. 28, 101^. 



(f) Prepare a Change of Wealth Statement at Feb. LK l!H. 



2. On Jan. 1, 1917, Frank Anderson took a complete inven- 

 tory of his farm ami found he had the following, which are to 

 be entered in the comparative inventory record except land, 

 buildings, notes receivable, etc.: 104 A. of land valued at 

 $1!,4<M); dwelling. $lViOO : tenant h'.u-e. >1<> ( ": 1 ne w barn, 

 $1000; 1 old ham. .-fl'MM; 1 poultry house, $SO : 1 smoke 1 

 sli>; 1 wood shed. $10: ir>0 bu. wheat at *1.70; 000 bu. oats 

 at $0.50; 100 bu. corn at $1.20; 55 T. clover and timothy 

 hay in barn at $12; 15 T. clover and timothy hay in stack at 

 $12; 7 T. oats straw 10 T. wheat straw at $1.50; 1 



grain binder, $70; 1 cultivator, $24; 2 walking plows at $5 each; 

 1 corn planter, $24; 1 cultivator, $15; 1 mower, $20; 1 riding 

 plow, $18; 1 riding plow, $22; 1 steel roller, $16; 1 broadcast 

 grass seeder, $1; 1 old sulky rake, $1; 1 double harpoon fork, 

 rope, etc., $7 ; 2-6" Diamond plows, $2.50 ; 1 manure spreader, 



