Prepare a corrected balance sheet. List Property, plant, and equipment in the order of Land, Building & Equipment. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Be sure to complete the statement heading.

Labyrinth Services Co.

Balance Sheet

For the Year Ended August 31, 2019

1	Assets
2	Current assets:
3	Cash	$18,800.00
4	Accounts payable	32,500.00
5	Supplies	4,800.00
6	Prepaid insurance	16,500.00
7	Land	188,800.00
8	Total current assets		$261,400.00
9	Property, plant, and equipment:
10	Building	$440,000.00
11	Equipment	95,000.00
12	Total property, plant, and equipment		671,400.00
13	Total assets		$932,800.00
14	Liabilities
15	Current liabilities:
16	Accounts receivable	$41,800.00
17	Accumulated depreciation-building	153,000.00
18	Accumulated depreciation-equipment	26,100.00
19	Net income	117,800.00
20	Total liabilities		$338,700.00
21	Owner’s equity
22	Wages payable	$7,000.00
23	Ruben Daniel, capital	587,100.00
24	Total owner’s equity		594,100.00
25	Total liabilities and owner’s equity		$932,800.00

Answer rating: 100% (QA)

The classified balance sheet is classifying the accounts to Asset Liability and Equity Here in th... View the full answer