Subject: Re: Getting complicated
Am I missing some cash flows here? In theory, selling a 500 put and doing a buy stock/sell call should have roughly equivalent results. I think. Or maybe the prices given for these options are not correct?

They are the same if you don't deduct interest on the outlay in the first example, since you are calculating your return based on $445 of tied up capital, not zero tied up capital and a completely financed position.