Question: Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets

Below is the balance sheet for Labyrinth Services Co., which contains errors.

Labyrinth Services Co.
Balance Sheet
For the Year Ended August 31, 2019
Assets
Current assets:
Cash $25,200
Accounts payable 34,400
Supplies 11,500
Prepaid insurance 20,600
Land 253,300
Total current assets $345,000
Property, plant, and equipment:
Building $529,900
Equipment 119,800
Total property, plant, and equipment 891,800
Total assets $1,236,800
Liabilities
Current liabilities:
Accounts receivable $57,300
Accumulated depreciationbuilding 218,200
Accumulated depreciationequipment 35,400
Net income 196,300
Total liabilities $507,200
Owner's Equity
Wages payable $3,800
Ruben Daniel, Capital 725,800
Total owner's equity 729,600
Total liabilities and owner's equity $1,236,800

Required:

Prepare a corrected balance sheet.

Labyrinth Services Co.
Balance Sheet
August 31, 2019
Assets
Current assets:
$
Total current assets $
Property, plant, and equipment:
$
$
$
Total property, plant, and equipment
Total assets $
Liabilities
Current liabilities:
$
Total liabilities $
Owner's Equity
Total liabilities and owner's equity $

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