The following balance sheet was prepared by Labyrinth Services Co. for its year ended August 31, 20Y3.

a. List the errors in the preceding balance sheet.
b. Prepare a corrected balance sheet.

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Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: $ 18,500 31,300 6,500 Cash....... Accounts payable.. Supplies ...... Prepaid insurance 16,600 225,000 Land.... $297,900 Total current assets. Property, plant, and equipment: Building... Equipment Total property, plant, and equipment.. Total assets $400,000 97,000 635,400 $933,300 Liabilities Current liabilities: $ 41,400 Accounts receivable..... Accumulated depreciation-building.. Accumulated depreciation-equipment 155,000 25,000 Net income.. 118,200 $339,600 Total liabilities Stockholders' Equity $ 6,500 Wages payable Common stock.. Retained earnings.. 75,000 512,200 Total stockholders' equity... Total liabilities and stockholders'equity.... 593,700 $933,300