List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services

List the errors you find in the following balance sheet. Prepare a corrected balance sheet.

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Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash.... $ 18,500 31,300 Accounts payable..... Supplies.... Prepaid insurance.. 6,500 16,600 Land.... 225,000 Total current assets. $297,900 Property, plant, and equipment: Building.... $400,000 Equipment... Total property, plant, and equipment.. 97,000 635,400 Total assets... $933,300 Liabilities Current liabilities: Accounts receivable.... $ 41,400 Accumulated depreciation-building..... Accumulated depreciation-equipment. 155,000 25,000 Net income.... 118,200 Total liabilities.... $339,600 Owner's Equity Wages payable.... Ruben Daniel, capital.... Total owner's equity.... Total liabilities and owner's equity... $ 6,500 587,200 593,700 $933,300