Seed 20 Fertilizer @20 Pounds (20 Pounds=2 Bushels) 2 Cow 40 Total CA 162 Noncurrent Assets (NCA) Bushels Nil Noncurrent Assets 0 Total NCA 0 Total Assets (CA+NCA) 162 Total Liabilities & Owners Equity (CL+NCL+OE) Assets Balance Sheet of Ivan's Farm at the Beginning of Season Current Liabilites (CL) Bushels Nil Current Liabilities 0 Total CL 0 Noncurrent Liabilites ( NCL) Bushels Nil Noncurrent Liabilities 0 Total NCL 0 Owner's Equity (OE) Bushels Equity (From Landlord) 162 Total OE 162 Total Liabilities & Owners Equity (CL+NCL+OE) 162 Liabilities & Owners Equity Balance Sheet of Ivan's Farm at the Beginning of Season Current Assets (CA) Bushels Acres of Land @20Acres(5Bushels = 1 acre) 100 Wheat 223 Seed 0 Fertilizer 0 Cow (With Deprecitaed Value) 36 Total CA 359 Noncurrent Assets (NCA) Bushels Nil Noncurrent Assets 0 Total NCA 0 Total Assets (CA+NCA) 359 Balance Sheet of Ivan's Farm at the End of Season Assets Current Liabilites (CL) Bushels Feyador (Plowmaker) 3 Total CL 3 Noncurrent Liabilites ( NCL) Bushels Nil Noncurrent Liabilities 0 Total NCL 0 Owner's Equity (OE) Bushels Equity (From Landlord) 162 Retained Earning (This includes 20 Bushels which Lord Took 194 Total OE 356 Total Liabilities & Owners Equity (CL+NCL+OE) 359 Balance Sheet of Ivan's Farm at the End of Season Liabilities & Owners Equity Current Assets (CA) Bushels Acres of Land @10Acres(5Bushels = 1 acre) 50 Seed 10 Fertilizer @10 Pounds (20 Pounds=2 Bushels) 1 Cow 40 Total CA 101 Noncurrent Assets (NCA) Bushels Nil Noncurrent Assets 0 Total NCA 0 Total Assets (CA+NCA) 101 Total Liabilities & Owners Equity (CL+NCL+OE) Balance Sheet of Fredricks's Farm at the Beginning of Season Assets Current Liabilites (CL) Bushels Nil Current Liabilities 0 Total CL 0 Noncurrent Liabilites ( NCL) Bushels Nil Noncurrent Liabilities 0 Total NCL 0 Owner's Equity (OE) Bushels Equity (From Landlord) 101 Total OE 101 Total Liabilities & Owners Equity (CL+NCL+OE) 101 Balance Sheet of Fredricks's Farm at the Beginning of Season Liabilities & Owners Equity Current Assets (CA) Bushels Acres of Land @10Acres(5Bushels = 1 acre) 50 Wheat 105 Seed 0 Fertilizer 0 Cow (With Deprecitaed Value) 36 Plow (Since it can Run for 2 more years) 2 Total CA 193 Noncurrent Assets (NCA) Bushels Nil Noncurrent Assets 0 Total NCA 0 Total Assets (CA+NCA) 193 Balance Sheet of Fredrik's Farm at the End of Season Assets Current Liabilites (CL) Bushels Nil Noncurrent Liabilities 0 Total CL 0 Noncurrent Liabilites ( NCL) Bushels Nil Noncurrent Liabilities 0 Total NCL 0 Owner's Equity (OE) Bushels Equity (From Landlord) 101 Retained Earning (This includes 30 Bushels which Lord Took) 92 Total OE 193 Total Liabilities & Owners Equity (CL+NCL+OE) 193 Balance Sheet of Fredrik's Farm at the End of Season Liabilities & Owners Equity Revenue (Wheat) Bushels Present Stock of Wheat 223 Lords Personal Use 20 Total Bushels Produced 243 Expenditure Bushels Seed 20 Fertilizer @20 Pounds (20 Pounds=2 Bushels) 2 Ox Depreciation 4 Plow Damage (3 Bushels should be given to Plow) 3 Given to Lord (for Free) 20 Total 49 Net Income (R-E) 194 INCOME STATEMENT OF IVAN Revenue (Wheat) Bushels Present Stock of Wheat 105 Lords Personal Use 30 To Plow Maker 3 Total Bushels Produced 138 Expenditure Bushels Seed 10 Fertilizer @20 Pounds (20 Pounds=2 Bushels) 1 Ox Depreciation 4 Plow Damage (3 Bushels should be given to Plow) 1 Given to Lord (for Free) 30 Total 46 Net Income (R-E) 92 INCOME STATEMENT OF FRED Wheat Prod Acre Wheat/Acre Ivan 243 20 12.15 Fred 138 10 13.8 Profit Ivan 214 20 10.7 Fred 122 10 12.2 Fred is the Better Farmer