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 Ended August 31, 2018
Assets
Current assets:
Cash $21,300
Accounts payable 31,200
Supplies 9,700
Prepaid insurance 17,500
Land 232,500
Total current assets $312,200
Property, plant, and equipment:
Building $486,400
Equipment 110,100
Total property, plant, and equipment 809,200
Total assets $1,121,400
Liabilities
Current liabilities:
Accounts receivable $48,500
Accumulated depreciationbuilding 200,300
Accumulated depreciationequipment 32,600
Net income 178,100
Total liabilities $459,500
Stockholders' Equity
Wages payable $3,500
Common stock 150,000
Retained earnings 508,400
Total stockholders' equity 661,900
Total liabilities and stockholders' equity $1,121,400

Prepare a corrected balance sheet.

Labyrinth Services Co. Balance Sheet August 31, 2018
Assets
Current assets:

Accounts payableBuildingCashEquipmentLand

$- Select -

Accounts receivableBuildingCommon stockEquipmentLand

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Accounts payableAccumulated depreciationLandSuppliesWages payable

- Select -

Accumulated depreciationBuildingEquipmentLandPrepaid insurance

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Total current assets $fill in the blank 9
Property, plant, and equipment:

Accounts receivableAccumulated depreciationCashLandSupplies

$- Select -

BuildingCashPrepaid insuranceSuppliesWages payable

$- Select -

Accounts payableAccumulated depreciation - buildingCashLandSupplies

- Select -

Accounts payableBook value - buildingCashLandSupplies

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Accounts receivableAccumulated depreciationEquipmentLandSupplies

$- Select -

Accounts payableAccumulated depreciation - equipmentEquipmentLandPrepaid insurance

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Accounts payableBook value - equipmentEquipmentLandPrepaid insurance

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Total property, plant, and equipment fill in the blank 24
Total assets $fill in the blank 25
Liabilities
Current liabilities:

Accounts payableAccounts receivableCashEquipmentSupplies

$- Select -

BuildingEquipmentPrepaid insuranceWages expenseWages payable

- Select -
Total liabilities $fill in the blank 30
Stockholders' Equity

Accounts payableCashCommon stockEquipmentSupplies

$- Select -

Accounts payableIncome tax payablePrepaid insuranceRetained earningsWages payable

- Select -
Total stockholders' equity fill in the blank 35
Total liabilities and stockholders' equity $fill in the blank 36

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