follows. 1) The adjusted trial balance columns of the worksheet for Auburn Company are as Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Equip, Auburn Company Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Dr. Cr. 10,000 7,840 2,280 23,050 4,900 Income Statement Dr. Cr. Balance Sheet Dr. Cr.
follows. 1) The adjusted trial balance columns of the worksheet for Auburn Company are as Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Equip, Auburn Company Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Dr. Cr. 10,000 7,840 2,280 23,050 4,900 Income Statement Dr. Cr. Balance Sheet Dr. Cr.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Topic Video
Question
E4.2
Transcribed Image Text:E4.2 (LO 1) The adjusted trial balance columns of the worksheet for Auburn Company are as
follows.
Account Titles
Cash
Accounts Receivable
Prepaid Rent
Equipment
Accumulated
Depreciation Equip.
Notes Payable
Accounts Payable
Owner's Capital
Owner's Drawings
Service Revenue
Salaries and Wages Expense
Rent Expense
Depreciation Expense
Interest Expense
Interest Payable
Totals
Instructions
Complete the worksheet.
Auburn Company
Worksheet (partial)
For the Month Ended April 30, 2020
Adjusted
Trial Balance
Cr.
Dr.
10,000
7,840
2,280
23,050
3,650
10,840
760
650
57
59,127
4,900
5,700
4,920
27,960
15,590
57
59,127
Income
Statement
Dr.
Cr.
Balance Sheet
Dr.
Cr.
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Transcribed Image Text:E4.3 (LO 1, 4) Financial Statement Worksheet data for Auburn Company are presented in E4.2.
The owner did not make any additional investments in the business in April.
Instructions
Prepare an income statement, an owner's equity statement, and a classified balance sheet.
Solution
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