Been thinking more on what life was like on the farm after my grandfather passed away.
Consider the cash expenses again – notice there are no bills for electricity, telephone, water, or sewer. Such things weren’t in place.
I’ll guess seed and other critical farm supplies were purchased on credit from Yankton Production Credit. The payment of $2,104 on 9/1/45 would have cleared the loan balance for the year, and perhaps any carryover balance from prior years.
Speculation on non-cash transactions
A few thoughts come to mind on non-cash transactions outside the probate document.
Life was hard after my grandfather passed from this vale of tears. Any way you look at the income and expenses it is obvious life was hard. Must have been really difficult for my dear paternal grandmother to raise the four kids still at home.
The narratives from my aunts and uncles make that very obvious and the dollar transactions prove it.
The probate document for my paternal grandfather listed the assets in his estate. What is the total value of his estate? Let’s ponder that question.
Values for some items are listed in the probate document. Prices of asset purchases and sales during the time between his death and filing of probate document can be used to estimate other values. For example, I estimated values for livestock at this earlier post.
Here is a summary of the assets:
oats and corn
tractor drawn equipment
horse drawn equipment
total assets, without $400 liability
My estimate for the value of the individual items in his estate as listed in the probate filing are accumulated below. I’ll update this analysis later if I can get better definition for value of some assets.
Previous post listed the cash transactions in the estate of my paternal grandfather from the day he passed away until a probate filing was prepared for the court.
The probate filing provides a glimpse into farm life in the mid-1940s.
As you read the summarized income statement and cash transactions below, keep in mind this is the cash activity to feed and cloth a family consisting of one mom and four children still living at home. Notice was one purchase of groceries for $9.60 and only two purchases of clothing. There is no indication of any purchases in November or December which could be considered Christmas presents.
To say finances were tight would be an understatement.
The cash transactions can be summarized into a cash-based income statement as follows: