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Accounting – Major Project

Accounting – Major Project
This is an applied project of analysis. You must provide a report responding key questions about it.
Cases focus on the understanding of business Accounting concepts; you will not be expected to have mastered them at the same level as for the exercises. However, it is expected that you will have made a serious attempt to read it and that you are thoroughly familiar with the facts of the case.
Case: John Coburg
In 1799, John Coburg lived in southern Pennsylvania. He had a big farm for wheat crop. As he was getting older, he had to hand over his farming job to his sons, Ivan and Fred. John wanted to know who the better farmer is.
Early spring John summoned his two sons to his study. “Ivan, you will farm on the 20 acre plot and Fred will farm the 10 acre plot,” John began. The price of land was 5 dollars per acre. “I will give Ivan 20 bushels of wheat for seed and 20 pounds of fertilizer.” One bushel of wheat was worth 1 dollar and one pound of fertilizer was worth 10 cents. “Fred will get 10 bushels of wheat for seed and 10 pounds of fertilizer. I will give each of you an ox to pull a plow, but you have to buy a plow from the blacksmith, Smitty. The oxen, incidentally, are only three years old and have never been used for farming, so they should have a good 10 years of farming ahead of them. Take good care of them, because an ox costs 40 dollars. Come back next fall and return the oxen and the plows along with your harvest.”
The summer came and went, and after the harvest Ivan and Fred returned to John’s study to account to their father for the things given them in the spring. Ivan said, “Father, I present you with a slightly used ox, a plow, broken beyond repair, and 220 bushels of wheat. I paid Smitty, the blacksmith 3 bushels of wheat for the plow he provided in the spring. As you might expect, I used all the fertilizer and seed you gave me last spring. You will also remember that you took 20 bushels of my harvest for your own personal use.”
Fred spoke next, “Here, Father, is a partially used ox, the plow, for which I gave Smitty, the blacksmith 3 bushels of wheat from my harvest, and 105 bushels of wheat. I, too, used all my seed and fertilizer last spring. Also you took 30 bushels of wheat two weeks ago for your own personal use. I believe the plow is good for two more seasons.”
“My dear Ivan and Fred, you did well,” said John. After two sons had taken their leave, John began to contemplate what had happened. “Yes,” he thought, “they did well, but I wonder which one did better?”

Questions
1. For each farm, prepare balance sheets as of the beginning and end of the growing season and an income statement for the season.
2. Which son was the better farmer?

 
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