List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services
Question:
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
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Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2014 Current assets: Current liabllities: Cash Accounts recelvable Accum. depr-bulding 155,000 Accum. depr-equipment 25,000 Net Income.... 18,500 41,400 Land 225,000 Total llabilities $297,900 Property plant, Owners Equlty and equipment . $400,000 Ruben Danlel, capta. 587 Total owners equity.. Equipment Total property, plant. 593,700 635,400 Tota abllitles and $933.300 OWners equlty Total assets $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
Accounting
ISBN: 978-1133607601
25th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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