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The documents show the beginning and ending balance sheets for farmers Ivan and Frederick, as well as their income statements. Ivan started with $162 in assets and ended with $359 after selling wheat for $379, spending $47 on expenses, and withdrawing $20. Frederick started with $101 in assets and ended with $193 after unspecified wheat sales and expenses of $25, withdrawing $30.

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Laquana Grant
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0% found this document useful (0 votes)
25 views4 pages

2 2

The documents show the beginning and ending balance sheets for farmers Ivan and Frederick, as well as their income statements. Ivan started with $162 in assets and ended with $359 after selling wheat for $379, spending $47 on expenses, and withdrawing $20. Frederick started with $101 in assets and ended with $193 after unspecified wheat sales and expenses of $25, withdrawing $30.

Uploaded by

Laquana Grant
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Ivan-Balance Sheet-Beginning Frederick-Balance Sheet-Beginning

Assets Liabilities and Owner's Equity Assets Liabilities and Owner's Equity
Seed 20 Seed 10
Fertilizer 2 Fertilizer 1
Ox 40 Ox 40
Land ### Baron's Equity 162 Land 50 Baron's Equity
Total ### Total 162 Total 101 Total
nce Sheet-Beginning
ities and Owner's Equity

101
101
Ivan-Balance Sheet-End Frederick-Balance Sheet-End
Liabilities and Liabilities and
Assets Owner's Equity Assets Owner's Equity
Seed 223 Liabilities (Plow) 3 Seed 105
Ox 36 Baron's Equity 20 Ox 36 Baron's Equity 30
Land 100 Contributed ### Plow 2 Contributed ###
Retained ### Land 50 Retained 92
Total 359 Total ### Total 193 Total ###
Ivan-Income Statement Frederick-Income Statement
Wheat 379 Wheat ###
Production Expenses Production Expenses
Seed 20 Seed 10
Fertilizer 20 Fertilizer 10
Ox Usage 4 Ox Usage 4
Plow Usage 3 47 Plow Usage 1 25
Earnings 332 Earnings ###
Owner Withdrawal 20 Owner Withdrawal 30
Income to Retained Earnings 312 Income to Retained Earnings ###

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