144 The Farmer's Business Handbook 



creditors and to oneself, such inventories should 

 be taken annually. A summary of such inven- 

 tory might be approximately as follows (for form 

 of itemized inventory, see Chapter II) : 



Inventory taken March 1, 1901 



SUMMARY 



Farm, personal property $2,600 



Household goods 750 



Book accounts and notes .... 430 



Farm, eighty acres 4,000 



$7,780 



Less mortgage $1,000 



Less amounts payable 300 



$1,300 



Net assets $6,480 



In order to simplify favm household accounts, 

 now that an inventory has been made, let the wife 

 or daughter take charge of this part of the book- 

 keeping. The proprietor and his workmen draw 

 on Farm Household for their subsistance, hence 

 Farm Household will have a credit for board fur- 

 nished. This implies that Wheat Field, Live 

 Stock, etc., will be charged not only with the 

 value of the labor of the workmen, but for their 

 board also. The simplest way out of the complex 

 condition is to assume a price for each workman, 

 which shall include board. This will furnish a 

 credit to Farm Household and result in having a 

 definite price for labor performed for the various 



