Please help, how to calculate Net income only

 

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yryx Spreadsheet Print Pr Preferences Lab: Chapter 11 Review Name: Gurleen SHARMA Date: 2023-10-15 11:11 Question 1 [70 points] Your solution to the question was: Callaho Inc. began operations on January 1, 2022. Its adjusted trial balance at December 31, 2023 and 2024 is shown below. Other information regarding Callaho Inc. and its activities during 2024 follow in (a) through (f) : a. Assume all accounts have normal balances. b. $9,000 of the long-term notes payable will be paid during 2025. c. Equipment was sold for cash of $11,900. d. Old machinery was sold for cash of $17,400. New machinery was purchased for $34,000 cash. e. Share capital was issued for cash. f. Cash dividends were declared and paid Using the information provided, prepare a statement of changes in equity, a classified balance sheet, and a statement of cash flows (using the indirect method) for the year ended December 31, 2024. Adjusted Trial Balance December 31 Account 2024 2023 Accounts Payable 57,340 63,000 Accounts Receivable 50,900 65,250 Accumulated Depreciation, Equipment 2,500 84,500 Accumulated Depreciation, Machinery. 9,500 97,000 Allowance for Doubtful Accounts 9,25 Depreciation Expense, Equipment 7,700 7,700 Depreciation Expense, Machinery. 13, 100 13, 100 Cash 309,370 265,000 Cash Dividends 35,000 35,000 Equipment 15,300 116,000 Machinery 59,400 144,000 Merchandise Inventory 74,760 91,500 Long-term Notes Payable. 70,480 87,000 Other Expenses (including losses) 710,000 25,000 Retained earnings. 83,000 67.000 Revenues (including gains) 764,800 96,800 Share capital. 254,000 224,000 Unearned Revenue 30,010 34,000 Callaho Inc. Statement of Changes in Equity For Year Ended December 31, 2024 Share Retained Total Capital Earnings Equity Balance, January 1 224,000 83,000 307,000 Issuance of shares 30,000 30,000 Dividends (35,000) (35,000 Net income_. 16,000 16,000 Balance, December 31 219,000 99,000 318,000 Marking of Statement of Changes in Equity: Balance, January 1 You have completed this line correctly Issuance of shares You have completed this line correctly. Dividends share capital should be $0, but you have not entered this. This will cost you 1 mark. Retained earnings should be ($35,000), but you have not entered this. This will cost you 1 mark. Net income Retained earnings should be $34,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $34,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Balance, December 31 share capital should be $254,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Retained earnings should be $82,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Total Equity should be $336,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Callaho Inc. Balance Sheet December 31, 2024 Marking of Balance Sheet: Assets Could not locate this section. This will cost you 25 marks. Liabilities and Equity Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Callaho Inc. Statement of Cash Flows For the Year Ended December 31, 2024 Marking of Statement of Cash Flows: Cash flows from operating activities Could not locate this section. This will cost you 19 marks. Cash flows from investing activities Could not locate this section. This will only cost you 6 marks because you have already reached your limit in deductions. Cash flows from financing activities Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Net increase (decrease) in cash Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Cash at beginning of year Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Cash at end of year Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Total marks for this question: 17 Overall Mark: 17/70 Your mark of 17/70 has been recorded. DONE

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lyryx Lab: Chapter 11 Review Name: Gurleen SHARMA Date: 2023-10-15 11:11 Spreadsheet Print Preferences Help Question 1 [70 points] Your solution to the question was: Callaho Inc. began operations on January 1, 2022. Its adjusted trial balance at December 31, 2023 and 2024 is shown below. Other information regarding Callaho Inc. and its activities during 2024 follow in (a) through (f) : a. Assume all accounts have normal balances. b. $9,000 of the long-term notes payable will be paid during 2025. c. Equipment was sold for cash of $11,900. d. Old machinery was sold for cash of $17,400. New machinery was purchased for $34,000 cash. e. Share capital was issued for cash. f. Cash dividends were declared and paid. Using the information provided, prepare a statement of changes in equity, a classified balance sheet, and a statement of cash flows (using the indirect method) for the year ended December 31, 2024. Adjusted Trial Balance Account Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Accumulated Depreciation, Machinery Allowance for Doubtful Accounts Depreciation Expense, Equipment Depreciation Expense, Machinery... Cash Cash Dividends December 31 2024 2023 57,340 63,000 50,900 65,250 2,500 84,500 9,500 97,000 3,900 9,250 7,700 7,700 13,100 13,100 309,370 265,000 35,000 35,000 15,300 116,000 59,400 144,000 Merchandise Inventory. 74,760 91,500 Long-term Notes Payable. 70,480 87,000 Other Expenses (including losses). 710,000 25,000 Retained earnings. Revenues (including gains). Share capital Unearned Revenue 83,000 67,000 764,800 96,800 Equipment Machinery. 254,000 224,000 30,010 34,000 Callaho Inc. Statement of Changes in Equity For Year Ended December 31, 2024 Share Retained Total Capital Earnings Equity Balance, January 1. 224,000 83,000 307,000 Issuance of shares 30,000 30,000 Dividends (35,000) (35,000) Net income 16,000 16,000 Balance, December 31 219,000 99,000 318,000 Marking of Statement of Changes in Equity: Balance, January 1 You have completed this line correctly. Issuance of shares You have completed this line correctly. Dividends share capital should be $0, but you have not entered this. This will cost you 1 mark. Retained earnings should be ($35,000), but you have not entered this. This will cost you 1 mark. Net income Retained earnings should be $34,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $34,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Balance, December 31 share capital should be $254,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Retained earnings should be $82,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Total Equity should be $336,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Callaho Inc. Balance Sheet December 31, 2024 Marking of Balance Sheet: Assets Could not locate this section. This will cost you 25 marks. Liabilities and Equity Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Callaho Inc. Statement of Cash Flows For the Year Ended December 31, 2024 Marking of Statement of Cash Flows: Cash flows from operating activities Could not locate this section. This will cost you 19 marks. Cash flows from investing activities Could not locate this section. This will only cost you 6 marks because you have already reached your limit in deductions. Cash flows from financing activities Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Net increase (decrease) in cash Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Cash at beginning of year Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Cash at end of year Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Total marks for this question: 17 Overall Mark: 17/70 Your mark of 17/70 has been recorded. DONE lyryx Lab: Chapter 11 Review Name: Gurleen SHARMA Date: 2023-10-15 11:11 Spreadsheet Print Preferences Help Question 1 [70 points] Your solution to the question was: Callaho Inc. began operations on January 1, 2022. Its adjusted trial balance at December 31, 2023 and 2024 is shown below. Other information regarding Callaho Inc. and its activities during 2024 follow in (a) through (f) : a. Assume all accounts have normal balances. b. $9,000 of the long-term notes payable will be paid during 2025. c. Equipment was sold for cash of $11,900. d. Old machinery was sold for cash of $17,400. New machinery was purchased for $34,000 cash. e. Share capital was issued for cash. f. Cash dividends were declared and paid. Using the information provided, prepare a statement of changes in equity, a classified balance sheet, and a statement of cash flows (using the indirect method) for the year ended December 31, 2024. Adjusted Trial Balance Account Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Accumulated Depreciation, Machinery Allowance for Doubtful Accounts Depreciation Expense, Equipment Depreciation Expense, Machinery... Cash Cash Dividends December 31 2024 2023 57,340 63,000 50,900 65,250 2,500 84,500 9,500 97,000 3,900 9,250 7,700 7,700 13,100 13,100 309,370 265,000 35,000 35,000 15,300 116,000 59,400 144,000 Merchandise Inventory. 74,760 91,500 Long-term Notes Payable. 70,480 87,000 Other Expenses (including losses). 710,000 25,000 Retained earnings. Revenues (including gains). Share capital Unearned Revenue 83,000 67,000 764,800 96,800 Equipment Machinery. 254,000 224,000 30,010 34,000 Callaho Inc. Statement of Changes in Equity For Year Ended December 31, 2024 Share Retained Total Capital Earnings Equity Balance, January 1. 224,000 83,000 307,000 Issuance of shares 30,000 30,000 Dividends (35,000) (35,000) Net income 16,000 16,000 Balance, December 31 219,000 99,000 318,000 Marking of Statement of Changes in Equity: Balance, January 1 You have completed this line correctly. Issuance of shares You have completed this line correctly. Dividends share capital should be $0, but you have not entered this. This will cost you 1 mark. Retained earnings should be ($35,000), but you have not entered this. This will cost you 1 mark. Net income Retained earnings should be $34,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $34,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Balance, December 31 share capital should be $254,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Retained earnings should be $82,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Total Equity should be $336,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Callaho Inc. Balance Sheet December 31, 2024 Marking of Balance Sheet: Assets Could not locate this section. This will cost you 25 marks. Liabilities and Equity Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Callaho Inc. Statement of Cash Flows For the Year Ended December 31, 2024 Marking of Statement of Cash Flows: Cash flows from operating activities Could not locate this section. This will cost you 19 marks. Cash flows from investing activities Could not locate this section. This will only cost you 6 marks because you have already reached your limit in deductions. Cash flows from financing activities Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Net increase (decrease) in cash Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Cash at beginning of year Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Cash at end of year Could not locate this section. This will not cost you any marks because you have already reached your limit in deductions. Total marks for this question: 17 Overall Mark: 17/70 Your mark of 17/70 has been recorded. DONE

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To calculate the net income for Callaho Inc based on t... View the full answer