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Net Farm Income for Calendar Year 2012 = Live stock Sales - Crop Expense - Depreciation (assuming It is the Income used for tax purpose
= $(15,250-5,250-2,100) =$7,900
Net Farm Income for Calendar Year 2013 = Live stock Sales+Crop Sales -Live Stock Expense- Crop expense - Feed and Grain expense - Depreciation
= $(24,150+25,900-2,200-6,500-13,200-2,300) =$25,850
Net Farm Income from July 1, 2012 fiscal to June 30, 2013 = Live stock Sales 2012- Crop Expense2012- Depreciation 2012 + Live stock Sales 2013 - Crop Expense 2013 - Feed and Grain Expense 2013
=$(15,250-5,250-2,100+24,150-6,500-13,200) = $12,350
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