Assets

Current Assets
Corn Sacks (1) 33,916.00
Inventory
Oxen 1,500.00
Less Lost Oxen (2) (100.00)
Total Oxen 1,400.00
Farm Implements 200.00
Total Current Assets 35,516.00
Building 1,600.00
Land 352,700.00
Total Non-Current Assets 354,300.00
Less: Accumulated Depreciation
Oxen (6 harvests) (236.11)
Farm Implements (3 harvests) (66.67)
Building (10 harvests) (160.00)
Total Accumulated Depreciation (3) (462.78)
Total Assets 389,353.22 0.064235
Liabilities
Current Liabilities
Notes Payable (4) 10,000.00
Building Payable 1,500.00
Taxes Payable (5) 12,550.00
Total Current Liabilities 24,050.00
Non-Current Liabilities
Long-Term Debt (6) 95.00
Debt Paid (2.00)
Annuity Payable 93.00
Total Liabilities 24,143.00
Equity
Contributed Capital (7) 352,700.00
Retained Earnings (8) 25,010.22 0.068482
Owners Withdrawel (9) (12,500.00)
Total Equity 365,210.22
Total Liabilities and Equity 389,353.22
1. Amount of corn taken from the corn flows statement.
(In Sacks of Corn)
Sihathor's Farm
Balance Sheet
For Harvest Festivile
2. Two oxen died during the harvest
3. Straight line depretiation assets
Live Oxen: 1400/6 harvests
Dead Oxen: (100-(100(10/12))/6 harvests
Farm Implements: 200/3 harvests
Building: 1600/10 harvests
4. Initial loan given by the Great Scribe
5. 25% tax on revenue
6. Present value of the amount owed to employee's widow
7. Land worth
8. Retained earnings from the statement of operations
ERE=BRE + NI - D
ERE= 0 + 25,010.22 - 0
9. Amount withdrawn to remodel palace
Assets
Current Assets
Corn Sacks (1) 32,542.00
Inventory
Oxen 1,150.00
Less Lost Oxen 0.00
Total Oxen 1,150.00
Farm Implements 150.00
Total Current Assets 33,842.00
Building 1,100.00
Land 254,200.00
Total Non-Current Assets 255,300.00
Less: Accumulated Depreciation
Oxen (6 harvests) (191.67)
Farm Implements (3 harvests) (50.00)
Building (10 harvests) (110.00)
Total Accumulated Depreciation (2) (351.67)
Total Assets 288,790.33 0.062382 0.06434
Liabilities
Current Liabilities
Notes Payable (3) 7,000.00
Building Payable 1,000.00
Taxes Payable (4) 8,575.00
Total Current Liabilities 16,575.00
Non-Current Liabilities
Long-Term Debt 0.00
Debt Paid 0.00
Outstanding Long-Term Debt 0.00
Total Liabilities 16,575.00
Equity
Contributed Capital (5) 254,200.00
Retained Earnings (6) 18,015.33 0.06618
Owners Withrdawel 0.00
Total Equity 272,215.33
Total Liabilities and Equity 288,790.33
1. Amount of corn taken from the corn flows statement.
(In Sacks of Corn)
Pemsah's Farm
Balance Sheet
For Harvest Festivile
2. Straight line depretiation of assets
Live Oxen: 1150/6 harvests
Farm Implements: 150/3 harvests
Building: 1100/10 harvests
3. Initial loan given by the Great Scribe
4. 25% tax on revenue
5. Land worth
8. Retained earnings from the statement of operations
ERE=BRE + NI - D
ERE= 0 + 18,015.33 - 0
Revenue 50,200.00
Operating Expenses:
Wage Expense1 (3,457.00)
Planting Expense (5,500.00)
Equipment Reconditioning Expense (25.00)
Oxen Depreciation Expense2 (236.11)
Equipment Depreciation Expense3 (66.67)
Building Depreciation Expense4 (160.00)
Offering Expense (3,000.00)
Annuity Expense (95.00)
Total Operating Expenses (12,539.78)
Capital Loss on Oxen5 (100.00)
Income Before Tax 37,560.22
Tax Expense6 (12,550.00)
Net Income 25,010.22
Footnotes:
1. Wage Expense- This is the amount of wages payed to managers and emlpoyees
Lunar Rate Number of Months
Number of
employees
Manager Salary 14 12 1
Employee Wages 5.5 12 50
Less: Employee Lost 5.5 2 1
2. Oxen Depreciation Expense- The depreciation of the oxen less the toatl depreaciation from the oxen that died
Total Oxen Value Useful Life (Harvests) Salvage Value
Live Oxen 1400 6 0
Dead Oxen 100 6 83.33333333
Salvage Value= Total Value*(10 /12)
3. Equipment Depreciation Expense Total Equipment Value Useful Life (Harvests) Annual Depreciation
200 3 66.66666667
4.Building Depreciation Expense Total Building Value Useful Life (Harvests) Annual Depreciation
1600 10 -160
5. This is the loss from the 2 ozen that died
(In Sacks of Corn)
Sihathor's Farm
Statement of Operations
For the Year Ended with the Harvest Festival
6. Tax Expense Income Before Tax Tax Rate Tax Expense
50,200.00 -0.25 -12550
Revenue 34,300.00
Operating Expenses:
Wage Expense1 (2,478.00)
Planting Expense (3,370.00)
Equipment Reconditioning Expense (10.00)
Oxen Depreciation Expense2 (191.67)
Equipment Depreciation Expense3 (50.00)
Building Depreciation Expense4 (110.00)
Offering Expense (1,500.00)
Annuity Expense
Total Operating Expenses (7,709.67)
Income Before Tax 26,590.33
Tax Expense6 (8,575.00)
Net Income 18,015.33
Footnotes:
Total Payable 1. Wage Expense:
Lunar Rate
168 Manager Salary 14
3300 Employee Wages 5.5
11
3457 2. Oxen Depreciation Expense: Total Oxen Value
2. Oxen Depreciation Expense- The depreciation of the oxen less the toatl depreaciation from the oxen that died 1150
Annual Depreciation
233.333333 3. Equipment Depreciation Expense Total Equipment Value
2.77777778 150
236.111111 4.Building Depreciation Expense Total Building Value
1100
6. Tax Expense Income Before Tax
34,300.00
(In Sacks of Corn)
Sihathor's Farm Pemsah's Farm
Statement of Operations Statement of Operations
For the Year Ended with the Harvest Festival For the Year Ended with the Harvest Festival
Number of Months
Number of
employees
Total Payable
12 1 168
12 35 2310
2478
Useful Life (Harvests)Annual Depreciation
6 191.6666667
Useful Life (Harvests)Annual Depreciation
3 50
Useful Life (Harvests)Annual Depreciation
10 110
Tax Rate Tax Expense
-0.25 -8575
(In Sacks of Corn)
Pemsah's Farm
Statement of Operations
For the Year Ended with the Harvest Festival
For the Year Ended With the Harvest Festival
Corn Inflows
Operating Activities
Harvest Yield1
Financing Activities
Investing Activities
Advance2
Corn Inflow Total
Corn Outflows
Wages Expense3
Planting Expense4
Reconditioning Cost5
Owner's Withdrawal6
Annuity Expense7
Offering Expense8
Oxen9
Building10
Equipment11
Corn Outflow Total
Total
Footnotes:
1- This is the amount of sacks of corn they have harvested during the year.
2-This is the advance received from Chief Scribe.
3-Wages paid to farm managers and workers.
4-The farmland that was planted and the corn that grew from it.
5-Cost of reconditioning the plows after planting.
6-Sihathor withdrew 12,500 sacks of corn to be paid for his palace's remodeling.
7-Payment due to the widow of deceased employee.
8-The offering made by each to the goddess.
9-Cost of oxen.
10-Paid for the building upon completing it.
11-Cost of the implements.
Operating Activities
Financing Activities
Investing Activities
Sihathor's Farm Pemsah's Farm
Statement of Corn Flows Statement of Corn Flows
For the Year Ended With the Harvest Festival For the Year Ended With the Harvest Festival
(In Sacks of Corn) (In Sacks of Corn)
Corn Inflows
Operating Activities
50,200 Harvest Yield1 34,300
Financing Activities
Investing Activities
10,000 Advance2 7000
60,200 Corn Inflow Total 41300
Corn Outflows
(3,457.00) Wages Expense3 -2,478
(5,500.00) Planting Expense4 -3,370
(25.00) Reconditioning Cost5 -10
(12,500)
(2)
(3,000.00) Offering Expense8 -1,500
(1,500.00) Oxen9 -1150
(100.00) Building10 -100
(200.00) Equipment11 -150
(26,284.00) Corn Outflow Total -8758
33,916.00 Total 32542
Operating Activities Operating Activities
Financing Activities Financing Activities
Investing Activities Investing Activities
For the Year Ended With the Harvest Festival
Sihathor Pemsah
Operating Profit 0.7482 0.7752 EBIT/revenue
Net Profit Margin 0.4982 0.5252 NI/revenue