Balance sheet OBJ. 2 List the errors you find in the following balance sheet. Prepare a corrected balance sheet.

Labyrinth Services Co.

Balance Sheet For the Year Ended August 31, 2016 Assets Liabilities Current assets: Current liabilities:
Cash. . . . . . . . . . . . . . . . . . . . . $ 18,500 Accounts receivable. . . . . . . . $ 41,400 Accounts payable. . . . . . . . 31,300 Accum. depr.—building . . . 155,000 Supplies. . . . . . . . . . . . . . . . . 6,500 Accum. depr.—equipment 25,000 Prepaid insurance. . . . . . . . 16,600 Net income. . . . . . . . . . . . . . . . 118,200 Land. . . . . . . . . . . . . . . . . . . . . 225,000 Total liabilities. . . . . . . . . . . . . . . $339,600 Total current assets. . . . . $297,900 Property, plant, and equipment:
Stockholders’ Equity Building. . . . . . . . . . . . . . . . . . $400,000 Wages payable . . . . . . . . . . . . . $ 6,500 Equipment. . . . . . . . . . . . . . . 97,000 Common stock $ 75,000 Total property, plant, and equipment. . . . . . 635,400 Retained earnings 512,200 Total stockholders’ equity. . .
Total liabilities and 593,700 Total assets. . . . . . . . . . . . . . . . $933,300 stockholders’ equity. . . . . . . $933,300