"Well, does it look as bad as it sounds?" laughed her husband, as he took up the statement and glanced at it hurriedly. "What's it all about, Bettie, and why have you been worrying your head with figures to-day?" he said, placing the papers on the table, without seeming to comprehend their meaning.
"I've been thinking for several days, Joe, that we should know where we stand in the matter of the cost of our farm and equipment, so that we can figure out our possible income and profit. I don't think it would be wise to go ahead and buy and sell without knowing in advance the value of everything we own; the amount of money we're obligated for in the way of loans and have estimated the probable cost of carrying on the work through harvest, and what our crops and produce ought to sell for."
ITEM INVENTORY APRIL 15,1916
Farm, 160 acres ……………………………… $6,000.00
Cows:
10 head @ $175 …………………………….. 1,750.00
8 head @ $60 ……………………………….. 480.00
Bull, 1 head @ $350 …………………………….. 350.00
Calves, 4 head @ $10 ……………………………… 40.00
Horses:
2 head @ $350 ………………………………. 700.00
2 head @ $200 ………………………………. 400.00
Hogs:
5 head @ $40 ……………………………….. 200.00
6 head @ $30 ……………………………….. 180.00
Sheep, 12 head @ $20 ……………………………. 240.00
Chickens ………………………………………… 50.00
Machinery and Tools ……………………………… 125.00
Automobile ……………………………………… 440.00
Feed and Supplies ………………………………. 300.00
Growing Crops (Labor and Seed) ……………………. 180.00
Cash ………………………………………….. 110.00
Bills Receivable ………………………………… 75.00
—————
Total Resources …………………………….. $11,620.00
Mortgage and Bills Payable ……………………… 6,000.00
—————
Net Worth……………………………………. $5,620.00
"I have started with to-day, April 1, 1916, but next year it will be better to take our inventory so that we can start on March 1st, which will be just before the spring work starts. Then we can see what our gain is for the year. We'll have to run separate accounts for all our crops and stock as well as feed and labor in order to see what the gain or loss is on any item. After we get them started, it will take only a few minutes each day to keep them up to date."
"Here, you see," she continued, as she walked around the table and sat on the arm of his chair, "I've listed the farm at its probable value— $6000."
"But you have listed it at $2000 more than I paid for it," protested her husband.
"That's because it's worth $2000 more than when you bought it," she laughed, "for with the new ditch you have added fifteen tillable acres and we still have a pond and a better driveway up to the barn. Then, of course, I've included in the improvements the running water and bathroom equipment."
"We've not decided to put that in yet," said her husband quickly, to which she made no reply.
"Then you see, I've listed our stock and equipment at $5520. These added together make our assets total $11,520. You have already obligated yourself at the First National Bank for $5400, and when we get the loan for the running water, it will make a total of about $6000."