1. 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.