Can you please correct the statement of changes in equity and provide calculations for each value i.e. require calculation of Retained earnings of 533,660 for the beginning balance for april 30.

The following account balances were included in the adjusted trial balance of XYZ Co. at April 30, 2015. All accounts have normal balances: Accumulated depreciation, equipment 70,000 Accumulated depreciation, store furniture 30,000 Accumulated other comprehensive income. 110,000 Allowance for doubtful accounts 1,400 Common shares 456,000 Cost of goods sold 1,344,000 Depreciation expense, 2014 expense, understated due to error 16,000 Depreciation expense, equipment 5,600 Depreciation expense, store furniture 7,300 Dividends declared on common shares. 22,000 Dividends declared on preferred shares 57,000 Freight-out. 36,000 Gain on disposal. 49,000 Gain on sale of land 61,000 Insurance expense 35,000 Interest expense. 23,000 Miscellaneous operating expenses (administrative). 6,000 Preferred shares 47,700 Retained earnings 180,000 Salaries expense. 54,000 Sales 2,400,000 Sales commissions expense. 142,000 Sales discounts 20,000 Sales returns and allowances 80,000 Supplies expense 7,000 Telephone and internet expense (sales). 13,000 Unrealized gain on AFS investments (OCI). 39,000 Additional information: The company is publically traded and follows IFRS and its income tax rate is 40%. On April 30, 2015, the number of common shares outstanding was 100,000 and there were no changes to common shares during the fiscal year. The ending balance for preferred shares of $47,700 includes issuing 1,100 preferred shares at $7 per share in the current year. The market price per common share on the reporting date was $23.10. a) Calculate the net income (loss) for the year ended April 30, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Net income (loss) = $ 1,191,660 Marking: Your answer was: $1,191,660 The correct answer was: $442,260 Net income = (Net sales + Gains - Expenses) * (1 - Tax rate) (loss) [($2,400,000 - $20,000 - $80,000) + ($61,000+ $49,000) - ($1,344,000 + $7,300 + $5,600 + $23,000 + $54,000 + $142,000 + $35,000 + $36,000 + $7,000 + $13,000 + $6,000)] (1 -0.40) = $442,260 You will lose 1 mark for this part. b) Prepare a statement of changes in equity for the year ended April 30, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. XYZ Co. Statement of Changes in Equity For the Year Ended April 30, 2015 Preferred Common Retained Accumulated Total Shares Shares Earnings Other Equity Comprehensive Income Balance, April 30 57,000 456,000 180,000 110,000 803,000 Correction of error for depreciation expense, net of tax (9,600) (9,600) Beginning balance as restated 57,000 456,000 170,400 110,000 793,400 Net income 1,191,660 1,191,660 Unrealized gain on available-for-sale investments, net of tax 23,400 23,400 Dividends, common shares.. (22,000) (22,000) Dividends, preferred shares. (57,000) (57,000) Issuance of preferred shares.. (7,700) (7,700) Balance, May 1 49,300 456,000 1,283,060 133,400 1,921,760 Marking: Balance, April 30 Preferred Shares should be $47,700, but you have not entered this. This will cost you 1 mark. Retained Earnings should be $533,660, but you have not entered this. This will cost you 1 mark. Accumulated Other Comprehensive Income should be $133,400, but you have not entered this. This will cost you 1 mark. Total Equity should be $1,170,760, but you have not entered this. This will cost you 1 mark. Correction of error for depreciation expense, net of tax You have completed this line correctly. Beginning balance as restated Preferred Shares should be $40,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $776,400, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Net income Retained Earnings should be $442,260, 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 $442,260, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Unrealized gain on available-for-sale investments, net of tax You have completed this line correctly. Dividends, common shares You have completed this line correctly. Dividends, preferred shares You have completed this line correctly. Issuance of preferred shares Preferred Shares should be $7,700, but you have not entered this. This will cost you 1 mark. Total Equity should be $7,700, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Balance, May 1 Preferred Shares should be $40,000, but you have not entered this. This will cost you 1 mark. Retained Earnings should be $180,000, but you have not entered this. This will cost you 1 mark. Accumulated Other Comprehensive Income should be $110,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $786,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Overall: You have entered the items in the wrong order. You should start with "Balance, May 1" and end with "Balance, April 30". This will cost you 2 marks. c) Required disclosure: Calculate the tax amount for the correction of the prior period error for depreciation expense. Please make sure your final answer(s) are accurate to the nearest whole number. Tax amount = $ 6,400 d) Calculate the price-earnings ratio. Please make sure your final answer(s) are accurate to 2 decimal places. (Hint: Calculate earnings per share first and round this to the nearest 2 decimal places.) Price-earnings ratio = 2.07 times Marking: Your answer was: 2.07 The correct answer was: 6.00 You have correctly deduced this from your earlier answers; however, at least one of your earlier answers was incorrect, causing your answer for this part to be incorrect. You will not lose any further marks for this. The following account balances were included in the adjusted trial balance of XYZ Co. at April 30, 2015. All accounts have normal balances: Accumulated depreciation, equipment 70,000 Accumulated depreciation, store furniture 30,000 Accumulated other comprehensive income. 110,000 Allowance for doubtful accounts 1,400 Common shares 456,000 Cost of goods sold 1,344,000 Depreciation expense, 2014 expense, understated due to error 16,000 Depreciation expense, equipment 5,600 Depreciation expense, store furniture 7,300 Dividends declared on common shares. 22,000 Dividends declared on preferred shares 57,000 Freight-out. 36,000 Gain on disposal. 49,000 Gain on sale of land 61,000 Insurance expense 35,000 Interest expense. 23,000 Miscellaneous operating expenses (administrative). 6,000 Preferred shares 47,700 Retained earnings 180,000 Salaries expense. 54,000 Sales 2,400,000 Sales commissions expense. 142,000 Sales discounts 20,000 Sales returns and allowances 80,000 Supplies expense 7,000 Telephone and internet expense (sales). 13,000 Unrealized gain on AFS investments (OCI). 39,000 Additional information: The company is publically traded and follows IFRS and its income tax rate is 40%. On April 30, 2015, the number of common shares outstanding was 100,000 and there were no changes to common shares during the fiscal year. The ending balance for preferred shares of $47,700 includes issuing 1,100 preferred shares at $7 per share in the current year. The market price per common share on the reporting date was $23.10. a) Calculate the net income (loss) for the year ended April 30, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Net income (loss) = $ 1,191,660 Marking: Your answer was: $1,191,660 The correct answer was: $442,260 Net income = (Net sales + Gains - Expenses) * (1 - Tax rate) (loss) [($2,400,000 - $20,000 - $80,000) + ($61,000+ $49,000) - ($1,344,000 + $7,300 + $5,600 + $23,000 + $54,000 + $142,000 + $35,000 + $36,000 + $7,000 + $13,000 + $6,000)] (1 -0.40) = $442,260 You will lose 1 mark for this part. b) Prepare a statement of changes in equity for the year ended April 30, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. XYZ Co. Statement of Changes in Equity For the Year Ended April 30, 2015 Preferred Common Retained Accumulated Total Shares Shares Earnings Other Equity Comprehensive Income Balance, April 30 57,000 456,000 180,000 110,000 803,000 Correction of error for depreciation expense, net of tax (9,600) (9,600) Beginning balance as restated 57,000 456,000 170,400 110,000 793,400 Net income 1,191,660 1,191,660 Unrealized gain on available-for-sale investments, net of tax 23,400 23,400 Dividends, common shares.. (22,000) (22,000) Dividends, preferred shares. (57,000) (57,000) Issuance of preferred shares.. (7,700) (7,700) Balance, May 1 49,300 456,000 1,283,060 133,400 1,921,760 Marking: Balance, April 30 Preferred Shares should be $47,700, but you have not entered this. This will cost you 1 mark. Retained Earnings should be $533,660, but you have not entered this. This will cost you 1 mark. Accumulated Other Comprehensive Income should be $133,400, but you have not entered this. This will cost you 1 mark. Total Equity should be $1,170,760, but you have not entered this. This will cost you 1 mark. Correction of error for depreciation expense, net of tax You have completed this line correctly. Beginning balance as restated Preferred Shares should be $40,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $776,400, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Net income Retained Earnings should be $442,260, 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 $442,260, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Unrealized gain on available-for-sale investments, net of tax You have completed this line correctly. Dividends, common shares You have completed this line correctly. Dividends, preferred shares You have completed this line correctly. Issuance of preferred shares Preferred Shares should be $7,700, but you have not entered this. This will cost you 1 mark. Total Equity should be $7,700, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Balance, May 1 Preferred Shares should be $40,000, but you have not entered this. This will cost you 1 mark. Retained Earnings should be $180,000, but you have not entered this. This will cost you 1 mark. Accumulated Other Comprehensive Income should be $110,000, but you have not entered this. This will cost you 1 mark. Total Equity should be $786,000, but you have not entered this. However, your answer is consistent with previous entries. This will not cost you any marks. Overall: You have entered the items in the wrong order. You should start with "Balance, May 1" and end with "Balance, April 30". This will cost you 2 marks. c) Required disclosure: Calculate the tax amount for the correction of the prior period error for depreciation expense. Please make sure your final answer(s) are accurate to the nearest whole number. Tax amount = $ 6,400 d) Calculate the price-earnings ratio. Please make sure your final answer(s) are accurate to 2 decimal places. (Hint: Calculate earnings per share first and round this to the nearest 2 decimal places.) Price-earnings ratio = 2.07 times Marking: Your answer was: 2.07 The correct answer was: 6.00 You have correctly deduced this from your earlier answers; however, at least one of your earlier answers was incorrect, causing your answer for this part to be incorrect. You will not lose any further marks for this