alance Sheet 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 $14,500   Accounts payable 24,700   Supplies 6,600   Prepaid insurance 11,700   Land 188,000   Total current assets   $245,500 Property, plant, and equipment:     Building $393,200   Equipment 88,900   Total property, plant, and equipment   639,200 Total assets   $884,700 Liabilities     Current liabilities:     Accounts receivable $32,900   Accumulated depreciation—building 161,900   Accumulated depreciation—equipment 26,300   Net income 140,700   Total liabilities   $361,800 Owner's Equity     Wages payable $2,700   Ruben Daniel, Capital 520,200   Total owner's equity   522,900 Total liabilities and owner's equity   $884,700 Required: Prepare a corrected balance sheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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alance Sheet

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 $14,500  
Accounts payable 24,700  
Supplies 6,600  
Prepaid insurance 11,700  
Land 188,000  
Total current assets   $245,500
Property, plant, and equipment:    
Building $393,200  
Equipment 88,900  
Total property, plant, and equipment   639,200
Total assets   $884,700
Liabilities    
Current liabilities:    
Accounts receivable $32,900  
Accumulated depreciation—building 161,900  
Accumulated depreciation—equipment 26,300  
Net income 140,700  
Total liabilities   $361,800
Owner's Equity    
Wages payable $2,700  
Ruben Daniel, Capital 520,200  
Total owner's equity   522,900
Total liabilities and owner's equity   $884,700

Required:

Prepare a corrected balance sheet.

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