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 Accounts payable Supplies Prepaid insurance Land $20,200 29,500 9,200 16,500 220,000 Total current assets $295,400 Property, plant, and equipment: Building Equipment $460,500 104,200 Total property, plant, and equipment 766,300 Total assets $1,061,700 Fishiline Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net Income Total liabilities $46,000 189,600 30,800 168,600 $435,000 Owner's Equity $3,300 623,400 Wages payable Ruben Daniel, Capital Total owner's equity Total liabilities and owner's equity 626,700 $1,061,700 Required: Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 2019 Assets Current assets: 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 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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