Question: Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31,

 Balance Sheet Below is the balance sheet for Labyrinth Services Co.,which contains errors. Labyrinth Services Co. Balance Sheet For the Year EndedAugust 31, 20Y3 Assets Current assets: Cash $18,700 Accounts payable 29,400 Supplies8,500 Prepaid insurance 15,300 Land 222,200 Total current assets $ 294,100 Property,

Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $18,700 Accounts payable 29,400 Supplies 8,500 Prepaid insurance 15,300 Land 222,200 Total current assets $ 294,100 Property, plant, and equipment: Building $465,100 Equipment 105,200 Total property, plant, and equipment 765,000 Total assets $1,059,100 Liabilities Current liabilities: Liabilities Current liabilities: Accounts receivable $42,600 Accumulated depreciation-building 191,500 Accumulated depreciation-equipment 31,100 Net income 168,300 Total liabilities $433,500 Stockholders' Equity Wages payable $3,300 Common stock 150,000 Retained earnings 472,300 Total stockholders' equity 625,600 Total liabilities and stockholders' equity $1,059,100 Prepare a corrected balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 20Y3 Assets Current assets: Total current assets Property, plant, and equipment: o $ Total property, plant, and equipment Total assets Liabilities Current liabilities: $ Total liabilities Stockholders' Equity $ Total stockholders' equity Total liabilities and stockholders' equity

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