Reference no: EM133165280
Question - ABC County Established in 2014 a Cafeteria for the use of its employees and the public. The following are the balances found in its operating accounts:
Assets- Long-term $4,000,000; Current Assets $2,000,000 Liabilities $500,000 and Fund Balance $5,000,000 unrestricted and $500,000 restricted.
Current operating activities are:
Revenues from meals $5,400,000
Revenues from special events 600,000
Expenses:
Cost of goods sold: $1,300,000
Expenses special events 200,000
Depreciation of Equipment 800,000
Property taxes 100,000
Wages & salaries 200,000
Additional Information: Salaries for employees in December 2014 amounting to $25,000 has not been accrued.
Depreciation for delivery vehicle of $5,500 has not been taken.
Required - Prepare in good form the Income, Expenditure and Change In Fund Balance for the ABC County.
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