Once upon a time many, many years ago, there lived a feudal landlord in a small province

Question:

Once upon a time many, many years ago, there lived a feudal landlord in a small province of Western Europe. The landlord, Baron Coburg, lived in a castle high on a hill. He was responsible for the well-being of many peasants who occupied the lands surrounding his castle.
1. For each farm, prepare balance sheets as of the beginning and end of the growing season and an income statement for the season. (Do not be concerned that you do not have much understanding of what a and income statement are; just use your intuition as best you can.)
2. Which peasant was the better farmer? Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...