List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services

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 Yaar Ended August 31, 2018 Assets Current assets: Cash Accounts payable Supplies Prepaid insurance Land $ 18,500 31,300 6,500 16,600 225,000 Total current assets $297,900 Property, plant, and equipment Building Equipment $400,000 97,000 Total property, plant, and equipment Total assets $933,300 Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income 41,400 155,000 25,000 118,200 Total liabilities $339,600 Stockholders' Equity Wages payable Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 6,500 75,000 512,200 $933,300