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Baron Coburg’s Sole Proprietorship Tabulated Information for Plot worked by Ivan For the Growing Season

 

Bushels of

           

Accounts

   
 

Wheat

 

Land

Seed

Fertilizer

Ox

Plow

=

 

Payable

 

Owners’ Equity

Description of Transaction

Pre-season

 

100

bw.

           

100

bw.

Land from Baron

     

20

bw.

         

20

bw.

Seeds from Baron

       

2

bw.

       

2

bw.

Fertilizer from Baron

         

40

bw.

     

40

bw.

Ox from Baron

SUBTOTAL

 

0

bw.

 

100

bw.

20

bw.

2

bw.

40

bw.

0

bw.

   

0

bw.

162

bw.

 

TOTAL

 

162

bw.

             

162

bw.

     

Post-Season

 

243

bw.

             

243

bw.

Revenue

       

-2 bw.

       

-2 bw.

Used Fertilizer

     

-20 bw.

         

-20 bw.

Used Seed

         

-4 bw.

     

-4 bw.

Used Ox (DEPRECIATION)

           

3

bw.

   

3

bw.

 

Owed from Feyador the Plowmaker

           

-3 bw.

   

-3 bw.

Used Plow (DEPRECIATION)

   

-20 bw.

               

-20 bw.

Withdrawn by Baron Coburg

SUBTOTAL

 

223

bw.

100

bw.

0

bw.

0

bw.

36

bw.

0

bw.

   

3

bw.

356

bw.

 

TOTAL

 

359

bw.

             

359

bw.

     

Baron Coburg’s Sole Proprietorship Tabulated Information for Plot worked by Frederick For the Growing Season

 

Bushels of

           

Accounts

   
 

Wheat

 

Land

Seed

Fertilizer

Ox

Plow

=

 

Payable

 

Owners’ Equity

Description of Transaction

Pre-season

 

50

bw.

           

50

bw.

Land from Baron

     

10

bw.

         

10

bw.

Seeds from Baron

       

1 bw.

       

1

bw.

Fertilizer from Baron

         

40

bw.

     

40

bw.

Ox from Baron

SUBTOTAL

 

0

bw.

 

50

bw.

10

bw.

1 bw.

40

bw.

0

bw.

   

0

bw.

 

101

bw.

 

TOTAL

 

101

bw.

             

101

bw.

   

Post-Season

 

138

bw.

             

138

bw.

Revenue

       

-1 bw.

       

-1 bw.

Used Fertilizer

     

-10 bw.

         

-10 bw.

Used Seed

         

-4 bw.

     

-4 bw.

Used Ox (DEPRECIATION)

   

-3 bw.

         

3

bw.

     

Paid Feyador the Plowmaker

           

-1 bw.

   

-1 bw.

Used Plow (DEPRECIATION)

   

-30 bw.

               

-30 bw.

Withdrawn by Baron Coburg

SUBTOTAL

 

105

bw.

50

bw.

0

bw.

0

bw.

36

bw.

2

bw.

   

0

bw.

 

193

bw.

 

TOTAL

 

193

bw.

             

193

bw.

   

Baron Coburg’s Sole Proprietorship Income Statement for Plot worked by Ivan For the Growing Season

Revenues Less: Production Expenses Seed Fertilizer Less: Depreciation and Amortization Depreciation of Ox Depreciation of Plow

 

223

bw.

20

bw.

2

bw.

4

bw.

3

bw.

Earnings

 

194

bw.

Withdrawn by Owner

 

20

bw.

Increase in Retained Earnings

 

214

bw.

 

--> Thus Ivan has a “production rate” of 214 bw. /20 acres of land = 10.7 bw. per acre of land

Baron Coburg’s Sole Proprietorship Income Statement for Plot worked by Frederick For the Growing Season

 

Revenues Less: Production Expenses Seed Fertilizer Less: Depreciation and Amortization Depreciation of Ox Depreciation of Plow

 

108

bw.

10

bw.

1

bw.

4

bw.

1

bw.

Earnings

 

92

bw.

Withdrawn by Owner

 

30

bw.

Increase in Retained Earnings

 

122

bw.

 

--> Thus Frederick has a “production rate” of 122 bw. /10 acres of land = 12.2 bw. per acre of land

Since 10.7 bw/acre < 12.2 bw./acre, Frederick is the “better farmer” since he has a higher “production rate.”

Baron Coburg’s Sole Proprietorship Statement of Owners’ Equity for Plot worked by Ivan For the Growing Season

Retained Earnings at beginning of growing season Add: Increase in Retained Earnings Deduct: Withdrawn by Owner

 

0

bw.

 

214

bw.

 

20

bw.

Retained Earnings at end of growing season

 

194

bw.

Baron Coburg’s Sole Proprietorship Statement of Owners’ Equity for Plot worked by Frederick For the Growing Season

 

Retained Earnings at beginning of growing season Add: Increase in Retained Earnings Deduct: Withdrawn by Owner

 

0

bw.

 

122

bw.

 

30

bw.

Retained Earnings at end of growing season

 

92

bw.

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Ivan As of the Beginning of the Growing Season

Assets

Current Assets Bushels of Wheat Seed Fertilizer

0

bw.

20

bw.

2

bw.

Total Current Assets

22

bw.

Fixed Assets Land Property, Plant and Equipment Ox

100

bw.

40

bw.

Total Net Fixed Assets

140

bw.

Total Assets

162

bw.

Liabilities and Owners’ Equity

Total Liabilities

0

bw.

Owners’ Equity Baron Coburg, capital

162

bw.

Total Owners’ Equity

162

bw.

Total Liabilities and Owners’ Equity

162

bw.

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Ivan As of the End of the Growing Season

Assets

Current Assets

 

Bushels of Wheat Seed

223

bw.

0

bw.

Fertilizer

0

bw.

Total Current Assets

223

bw.

Fixed Assets Land Property, Plant and Equipment Ox Plow Less: Accumulated Depreciation Ox Usage Plow Usage

100

bw.

40 bw.

3

bw.

-4 bw.

-3 bw.

Total Net Fixed Assets

136

bw.

Total Assets

359

bw.

Liabilities and Owners’ Equity

Current Liabilities Loan from Feyador the Plowmaker

3

bw.

Total Long Term Liabilities

3

bw.

Owners’ Equity Baron Coburg, capital Add: Increase in Retained Earnings Deduct: Withdrawal by Owner

162

bw.

214

bw.

-20 bw.

Total Owners’ Equity

356

bw.

Total Liabilities and Owners’ Equity

359

bw.

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Frederick As of the Beginning of the Growing Season

Assets

Current Assets Bushels of Wheat Seed Fertilizer

0

bw.

10

bw.

1

bw.

Total Current Assets

11

bw.

Fixed Assets Land Property, Plant and Equipment Ox

50

bw.

40

bw.

Total Net Fixed Assets

90

bw.

Total Assets

101

bw.

Liabilities and Owners’ Equity

Total Liabilities

0

bw.

Owners’ Equity Baron Coburg, capital

101

bw.

Total Owners’ Equity

101

bw.

Total Liabilities and Owners’ Equity

101

bw.

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Frederick As of the End of the Growing Season

Assets

Current Assets Bushels of Wheat Seed Fertilizer

105

bw.

0

bw.

0

bw.

Total Current Assets

105

bw.

Fixed Assets Land Property, Plant and Equipment Ox Plow Less: Accumulated Depreciation Ox Usage Plow Usage

50

bw.

40

bw.

3

bw.

-4 bw.

-1 bw.

Total Net Fixed Assets

88

bw.

Total Assets

193

bw.

Liabilities and Owners’ Equity

Total Long Term Liabilities

0

bw.

Owners’ Equity Baron Coburg, capital Add: Increase in Retained Earnings Deduct: Withdrawal by Owner

101

bw.

122

bw.

-30 bw.

Total Owners’ Equity

193

bw.

Total Liabilities and Owners’ Equity

193

bw.

Report Package for Plot Work by Ivan

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Ivan As of the Beginning of the Growing Season

Assets

Current Assets Bushels of Wheat Seed Fertilizer

0

bw.

20

bw.

2

bw.

Total Current Assets

22

bw.

Fixed Assets Land Property, Plant and Equipment Ox

100

bw.

40

bw.

Total Net Fixed Assets

140

bw.

Total Assets

162

bw.

Liabilities and Owners’ Equity

Total Liabilities

0

bw.

Owners’ Equity Baron Coburg, capital

162

bw.

Total Owners’ Equity

162

bw.

Total Liabilities and Owners’ Equity

162

bw.

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Ivan As of the End of the Growing Season

Assets

Current Assets

 

Bushels of Wheat Seed

223

bw.

0

bw.

Fertilizer

0

bw.

Total Current Assets

223

bw.

Fixed Assets Land Property, Plant and Equipment Ox Plow Less: Accumulated Depreciation Ox Usage Plow Usage

100

bw.

40 bw.

3

bw.

-4 bw.

-3 bw.

Total Net Fixed Assets

136

bw.

Total Assets

359

bw.

Liabilities and Owners’ Equity

Current Liabilities Loan from Feyador the Plowmaker

3

bw.

Total Long Term Liabilities

3

bw.

Owners’ Equity Baron Coburg, capital Add: Increase in Retained Earnings Deduct: Withdrawal by Owner

162

bw.

214

bw.

-20 bw.

Total Owners’ Equity

356

bw.

Total Liabilities and Owners’ Equity

359

bw.

Baron Coburg’s Sole Proprietorship Income Statement for Plot worked by Ivan For the Growing Season

Revenues Less: Production Expenses Seed Fertilizer Less: Depreciation and Amortization Depreciation of Ox Depreciation of Plow

 

223

bw.

20

bw.

2

bw.

4

bw.

3

bw.

Earnings

 

194

bw.

Withdrawn by Owner

 

20

bw.

Increase in Retained Earnings

 

214

bw.

Baron Coburg’s Sole Proprietorship Statement of Owners’ Equity for Plot worked by Ivan For the Growing Season

 

Retained Earnings at beginning of growing season Add: Increase in Retained Earnings Deduct: Withdrawn by Owner

 

0

bw.

214

bw.

20

bw.

Retained Earnings at end of growing season

 

194

bw.

Report Package for Plot Work by Frederick

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Frederick As of the Beginning of the Growing Season

Baron Coburg’s Sole Proprietorship Balance Sheet for Plot worked by Frederick As of the End of the Growing Season

Assets

Current Assets Bushels of Wheat Seed Fertilizer

0

bw.

10

bw.

1

bw.

Total Current Assets

11

bw.

Fixed Assets Land Property, Plant and Equipment Ox

50

bw.

40

bw.

Total Net Fixed Assets

90

bw.

Total Assets

101

bw.

Liabilities and Owners’ Equity

Total Liabilities

0

bw.

Owners’ Equity Baron Coburg, capital

101

bw.

Total Owners’ Equity

101

bw.

Total Liabilities and Owners’ Equity

101

bw.

Assets

Current Assets

 

Bushels of Wheat

105

bw.

Seed

0

bw.

Fertilizer

0

bw.

Total Current Assets

105

bw.

Fixed Assets Land Property, Plant and Equipment Ox Plow Less: Accumulated Depreciation Ox Usage Plow Usage

50

bw.

40

bw.

3

bw.

-4 bw.

-1 bw.

Total Net Fixed Assets

88

bw.

Total Assets

193

bw.

Liabilities and Owners’ Equity

Total Long Term Liabilities

0

bw.

Owners’ Equity Baron Coburg, capital Add: Increase in Retained Earnings Deduct: Withdrawal by Owner

101

bw.

122

bw.

-30 bw.

Total Owners’ Equity

193

bw.

Total Liabilities and Owners’ Equity

193

bw.

Baron Coburg’s Sole Proprietorship Income Statement for Plot worked by Frederick For the Growing Season

Revenues Less: Production Expenses Seed Fertilizer Less: Depreciation and Amortization Depreciation of Ox Depreciation of Plow

 

108

bw.

 

10

bw.

1

bw.

4

bw.

1

bw.

Earnings

 

92

bw.

Withdrawn by Owner

 

30

bw.

Increase in Retained Earnings

 

122

bw.

Baron Coburg’s Sole Proprietorship Statement of Owners’ Equity for Plot worked by Frederick For the Growing Season

 

Retained Earnings at beginning of growing season Add: Increase in Retained Earnings Deduct: Withdrawn by Owner

 

0

bw.

 

122

bw.

 

30

bw.

Retained Earnings at end of growing season

 

92

bw.