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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