222 the business of dairying 



Assets. 



1. Real estate: 



a. Land. 



b. Water supplies. 



c. Growing crops. 



d. Buildings. 



2. Live stock. 



3. Implements. 



4. Farm products. 



5. Notes receivable. 



6. Stocks, bonds, etc. 



7. Personal accounts (owing us). 



8. Cash in bank. 



9. Cash on hand. 



Liabilities. 



1. Notes payable. 



2. Mortgages. 



3. Store bills. 



4. Personal accounts (we owe). 



The inventory may be taken during any month 

 at the convenience of the dairyman, but is most fre- 

 quently taken at the close of the year, December 31st, 

 when all books are balanced. There are some rea- 

 sons why other times are more convenient, as, for 

 example, in April or May; the supply of hay in the 

 barn is low, the silos have become empty, and it is 

 easier to estimate the value of such materials at this 

 time. The objection to this date is that the dairy- 



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