Question

Volusia County Electrical Project e rorise Fund for use on the Volusia County Electrical Project. Transfer 1. Transferred $500,000 to the Enterprise Fun ho Billings 000 public, $158,000 for City Government. 1. Made billing for electric services: $582,000 public, S1 86.000 public, $132,000 for City Government. 2. Collected cash on billings: $486,000 public, $132,000 for City DD Construction 200 000 of Revenue Bonds restricted for Volusia County Electrical Project Ooo S 2. Received Progress billings for $3,280,000. tor e GS 255 s ono 3. Made payment of $3,052,000 on progress billings.o d bu d 1. Issued $3,800,000 of Revenue Bone Vino WO W Den Operating Expenses: penses. bowo Do 1. Purchased supplies on account $5,800. 2. Paid salaries expenses $162,000. 3. Paid utilities expenses $32,400. 4. Recorded depreciation expense of $8,600 5. Paid interest expense $12,800 6. Purchased equipment on account $5,800. 7. Paid miscellaneous expenses $12,500. 8. Paid rent expense $14,800 Instructions A. Journalize the transactions above B. Prepare an income statement

Answer 1

B Income Statment

Income Statement
Revenue
Billings	Electric Services Public	582000
	Electric Services City Govt	158000
		740000
Operating Exp	Purhases	5800
	Salaries	162000
	Utilites Exp	32400
	Depreciation	8600
	Int Exp	12800
	Equipment	5800
	Misc Exp	12500
	Rent	14800
		254700
	Net Income	485300