Using the information provided in QS 1-15, calculate each of the following financial statement elements. 1. Total

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Using the information provided in QS 1-15, calculate each of the following financial statement elements.

1. Total revenues 5. Total liabilities

2. Total operating expenses 6. Tim Roadster, capital (April 30, 2020)

3. Profit 7. Total liabilities and equity

4. Total assets


QS 1-15

Tim Roadster began Roadster Servicing on April 1, 2020, and showed the following items after the first month of operations. Match each of these items with the financial statement or statements on which it should be presented. Indicate your answer by writing the letter or letters for the correct statement(s) in the blank space next to each item.

1. Supplies $10 8. Utilities expense $10 2. Supplies expense 22 9. Furniture 20 3. Accounts receivable 25 10. Revenue 70 4. Accounts payable 12 11. Rent revenue 35 5. Equipment 40 12. Salaries expense 45 6. Tim Roadster's withdrawals in April 35 13. Tim Roadster's investments in April 60

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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