28 FARM ACCOUNTING 



can be found by adding to inventory Jan. 1, the amount produced and subtracting the 

 amount sold thus : Inventory Jan. 1, 20 cords wood plus January product 17*4 cords, less 

 January sales 29 cords, equals 834 cords that should be on hand. 

 With your ledger before you, answer the following questions : 



1. Cash account — How much cash was received during the month? How much paid? 



2. Merchandise account— What was the cost of delivering the products sold during 

 the month ? What was the farm value of the month's production ? How much of the farm 

 production was used again for feed? How much was sold? 



3. Real Estate account — What was the value of labor and team use put into real 

 estate during the month ? What was the salable product ? Is this account likely to be as 

 active as here shown during the remainder of the year. What is the 6% rental value of the 

 real property devoted to department uses? Is all real property now used in departments? 

 What part is not? 



4. Chattels account — How much money is now invested in unclassified animals or 

 other personal property? 



5. Dairy account — Is there a. profit or loss shown in dairy during the month ? How 

 many cows are there? What was the value of the labor on dairy for January? Of feed? 

 Is the product computed at farm price or market price ? Why ? 



6. Teams account — What was the cost of care and feed during the month? What did 

 their use amount to at 20 cents per hour? 



7. Orchard account — Was any investment made in orchard during the month ? How 

 much ? 



8. Hogs account — How much labor and feed were expended on hogs during month? 



9. Poultry account — Does the ledger show a profit in the poultry department ? 



10. Labor account— Was the time actually reported in labor greater than expected ? 

 How much? If expectations were exactly met, this account would balance out without gain 

 or loss. 



11. Among the financial accounts, how do we stand with Wells & Co. ? How much has 

 Mr. Atkinson been charged with during the month ? Some accounts should be collected and 

 some accounts should be paid. Name them. 



FEBRUARY 



Remark. — The card system of records has been demonstrated in the January business. To avoid tire- 

 some repetition, the cards and summary books need not be written in the following work, which has been 

 expanded to cover one year's time in order to illustrate the farm turnover. The value of the cards in checking 

 up time and keeping every one busy, as well as providing vouchers for all charges and entries, has been well 

 demonstrated in factories in general and should not be neglected on the farm. The following memoranda which 

 include monthly summaries is to be entered in the journal direct. It is assumed that the report cards have 

 been used, although they are not to be prepared by the student. 



Feb. 1. E. A. Atkinson returns to work. (Ledger memo.) Egg product of January 

 in excess of sales should be charged to E. A. Atkinson, personal, @ 24 cts. per dozen. (Make 

 journal entry.) 



Received from Goldleaf Creamery Cp. check to balance account. (Journal entry.) 



Collected cash of the Eagle Hotel Co. in full of account. 



Paid A. Gregory our check to balance account. 



Paid E. P. Johnson our check on account $15. 



Paid Jonas Overburg our check to balance January wage credit. 



Daily reports are assumed to have been rendered by Atkinson, Johnson, and Overburg, 

 giving the labor and product matter in addition to above transactions. Consider these tick- 

 ets entered in Labor, Team Use, and Product Summaries. 



Post and rule up accounts that are in balance. 



Feb. 2. Bought of W. Cushman, on acct, a bill of lumber, brick, etc., for general 

 repairs on buildings and fences $49.16. (Charge Real Estate.) Sold milk tickets (12 gal.) 

 for cash $3. 



Feb. 3. Sold W. Cushman,- on acct., 50 posts @ 21 cts. Sold for cash 2 cords wood 

 @ $5.75. 



Feb. 4. Sold Goldleaf Creamery Co., on acct., 16 lb. butter fat @ 26 cts. Sold milk 

 tickets (16 gal.) for cash $4. 



