Sec. 6] 
INCOME ACCOUNTS 
133 
wise included, such as clothing, watches, jewelry, and other 
articles of wealth or property not contained in the other 
categories. 
come and outgo connected with “ ete. 
n 
other, and amount to $2500. 
The total income of this man is therefore as follows: — 
For simplicity we shall suppose that the in- 
are equal to each 
  
  
  
  
  
  
Income Outgo al 
Profit and 
| Loss 
By stocks and bonds | To stocks and bonds 
(money) . $2000| (money) . .$ 500 + $1500 
By lease right (shelter) 100 | To lease right (money) 100 00 
By furniture (use) . 50 | To furniture (money) 30| + 20 
| To food (money (50) 
and work of serv- 
By food (use) 150| ants (100) . 150 00 
By “cash” (money) 3780 | To “cash” (money) . 4000| — 220 
By servants (services) 100|To servants (money) 100 00 
By clerks (personal as- 
sistance) 500 | To clerks (money) . 500 00 
| To self (assistance of 
By self (money) 2000| clerks) (money) 500 | + 1500 
By “ete.” (direct uses) 2500 | To “ete.” (money) 2500 00 
Total net income . + $2800 
  
  
These accounts may be simplified in various ways, and 
without any sacrifice of logical completeness. If we are 
interested only in the total net income, and not in the share 
which each item of property contributes to this total, we 
may omit several items which in the above accounting stand 
on both sides. For instance, the cooking and serving food 
was debited to the stock of food and credited to the servants. 
At first sight it may appear that the wages of cook and 
waitress are entered as debit both to “servants” and to 
“food” and that double counting has occurred. But the 
debit to food was not servants’ wages but servants’ work.