List the errors you find in the following balance sheet. Prepare a corrected balancesheet. Labyrinth Services Co.
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List the errors you find in the following balance sheet. Prepare a corrected balancesheet.
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Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2014 Assets Liabilities Current assets: Current liabilities 31,300 6,500 16,600 Accum. depr.-building 155,000 Accum. depr-equipmnt 25,000 Net income..118,200 Supplies.... Total liabilities $339,600 $297,900 Property, plant, and equipment: Stockholders'Equity Building $400,000 97,000 Total property, plant, 512,200 635,400 Total stockholders' equity . 933,300 Total liabilities and 593,700 stockholders equity $933,300
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1 The date of the statement should be August 31 2014 and not For the Year Ended August 31 2014 2 Acc...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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