430 FARM MANAGEMENT 
we might wish to keep information. The chief task is the 
keeping of an accurate record of the labor expended upon 
the item in question. Other charges, as well as the receipts, 
are more easily entered. Then, at the close of the year, the 
expenditures and receipts are compared and the gain or the 
loss on that branch of the business determined. 
Inventory. — This is a statement showing one’s posses- 
sions and their value at a particular time. It is a good plan 
to make it out at the end of each year. The farmer lists 
all property and all items due him; these constitute his re- 
sources. Likewise he also lists all amounts which he owes 
to others —his liabilities. Subtracting these from his re- 
sources he gets what is called his present worth. By com- 
paring this with the present worth of the year before, he can 
determine the gain or the loss for the year. It should be 
noted, however, that this may take no account of the inter- 
est on his investment and of his wages, nor on the other hand 
of the living and other personal expenses of himself and 
family that have come out of the business. 
EXERCISES AND PROJECTS 
Changes in values. — (a) Is the value of farm land in your vicinity 
increasing or decreasing? (6) How about the value of live stock? 
(c) The value of farm products? (d) How do farm wages compare with 
those formerly paid? 
Plowing. — A farmer wants to get along with one gang plow (two 
plows each 14 inches), keeping it going quite steadily from harvest until 
the ground freezes up; how many acres can he hope to plow with it 
during that time? (Take the judgment of experienced farmers.) 
Cutting grain. — What area will a six-foot binder cut during a harvest 
period of fourteen days working twelve hours a day? (Obtain estimates 
from farmers.) 
A farm map. — Make a map of your farm showing (a) the location 
of the farm buildings, (6) all fields, meadows, pastures, groves, etc. with 
