For a golf course operating as a propriety fund classify each of the following transactions according to these descriptions: A.    Operating Revenue B.    Non-operating Revenue C.    Transfers In D.    Other Additions and Deductions E.    None of the above answers is correct. The transaction does not affect the Statement of Revenues, Expenses, & Changes in Net Assets     Billing to customers for services Answer 1 Question 2 Money received from General Fund for club house renovations Answer 2 Question 2 Loan from a special revenue fund Answer 3 Question 2 Interest income on fund investments Answer 4 Question 2 Grant from state for kitchen equipment Answer 5 Question 2 Gain on the sale of investments Answer 6 Question 2 Billing from GF for “Contribution/Payments in Lieu of Taxes” Answer 7 Question 2 Golf Course fund bills the general fund for reimbursement for extra security guard payroll costs incurred by GCF when hosting 4th of July fireworks display at the city’s request Answer 8 Q

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.