3-John Coburg Solution - Whos done better? Ivan Earnings...

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John Coburg What is accounting?
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Ivan’s Farm, B/S, Spring LAND 20 acre $100 SEED 20 BU 20 FERT 2 lb 2 OXEN 1 head 40 TOTAL $162
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Fred’s Farm, B/S, Spring LAND 10 acre $50 SEED 10 BU 10 FERT 10 lb 1 OXEN 1 head 40 TOTAL $101
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Ivan’s Farm, B/S, Fall LAND 20 acre $100 OXEN 1 head 36 WHEAT 220 BU 220 TOTAL $356
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Fred’s Farm, B/S, Fall LAND 10 acre $50 OXEN 1 head 36 WHEAT 105 BU 105 PLOW 1 2 TOTAL $193
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Ivan’s Farm, I/S, Spring-Fall Assets at Fall $356 - Assets at Spring 162 + Takeout by Owner 20 Earnings $214
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Fred’s Farm, I/S, Spring-Fall Assets at Fall $193 - Assets at Spring 101 + Takeout by owner 30 Earnings $122
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Ivan’s Farm, I/S, Spring-Fall Wheat Production $243 Sacrifice Seed $20 Fert 2 Ox Usage 4 Plow Usage 3 $29 Earnings $214
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Fred’s Farm, I/S, Spring-Fall Wheat Production $138 Sacrifice Seed $10 Fert 1 Ox Usage 4 Plow Usage 1 $16 Earnings $122
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Who’s done better? Ivan Production Per Acre = $243 / 20acre = $12.2 /acre Fred Production Per Acre = $138 / 10acre = $13.8 /acre
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Unformatted text preview: Whos done better? Ivan Earnings Per Acre = $214 / 20 acre = $10.7 /acre Fred Earnings Per Acre = $138 / 10 acre = $13.8 /acre Whos done better? Ivan Return On Investment = $214 / $162 = 132 % Fred Return On Investment = $122 / $101 = 122 % Stock v Flow Stock Variable The size of the variable at a certain point Your Height Your Balance Flow Variable The change of the variable during a certain period Your Growth Your Earnings Balance Sheet Shows What a Firm Has Financial Status At a Certain Date (Snapshot) Stock Report / Status Report Income Statement How Much Earnings Has Created Flows of Revenues and Expenses For A Certain Period Flow Report Accounting Concepts Accounting Entity Measurement Unit Time Period Concept Depreciation...
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This note was uploaded on 05/04/2008 for the course ACCT 3320 taught by Professor Frankzhang during the Summer '06 term at University of Texas at Dallas, Richardson.

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3-John Coburg Solution - Whos done better? Ivan Earnings...

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