Question: 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


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: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $37,600 185,200 30,100 160,900 $413,800 $3,100 150,000 444,900 598,000 $1,011,800 Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 2018 Assets Current assets: Total current assets Property, plant, and equipment: 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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