Case: Red Bearded Baron B/S at the Beginning for Ivan

Liabilities Equity

Bushels of Wheat 162

Assets Land Oxen Current Assets: Wheat 20 Fertiliser 2 Total

Bushels of Wheat 100 40

22 162

Total

162

Income Statement for Ivan Expenses Fertiliser Wheat Seeds Depreciation of Ox Depreciation of plow Profit Total Bushels of Wheat 2 20 4 3 214 243 Total 243 Income Production Bushels of Wheat 243

B/S at the end for Ivan Liabilities Equity 162 Less: Drawings 20 Profit Plow maker’s debt Bushels of Wheat 142 214 Assets Land Oxen 40 Less: Depreciation 4 Current Assets: Wheat Total Bushels of Wheat 100 36

3

223 359

Total

359

B/S at the Beginning for Igor Liabilities Equity Bushels of Wheat 101 Assets Land Oxen Current Assets: Wheat 10 Fertiliser 1 Total Bushels of Wheat 50 40 11 101 Total 101 Income Statement for Igor Expenses Fertiliser Wheat Seeds Depreciation of Ox Depreciation of plow Profit Total Bushels of Wheat 1 10 4 1 122 138 Total 138 Income Production Bushels of Wheat 138 B/S at the end for Igor Liabilities Equity 101 Less: Drawings30 Profit Bushels of Wheat 71 122 Assets Land Oxen 40 Less: Depreciation 4 Plow 3 Less: Depreciation 1 Current Assets: Wheat Total Bushels of Wheat 50 36 2 105 193 Total 193 .

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