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Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31,

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Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $18,700 Accounts payable 29,400 Supplies 8,500 Prepaid insurance 15,300 Land 222,200 Total current assets $ 294,100 Property, plant, and equipment: Building $465,100 Equipment 105,200 Total property, plant, and equipment 765,000 Total assets $1,059,100 Liabilities Current liabilities: Liabilities Current liabilities: Accounts receivable $42,600 Accumulated depreciation-building 191,500 Accumulated depreciation-equipment 31,100 Net income 168,300 Total liabilities $433,500 Stockholders' Equity Wages payable $3,300 Common stock 150,000 Retained earnings 472,300 Total stockholders' equity 625,600 Total liabilities and stockholders' equity $1,059,100 Prepare a corrected balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 20Y3 Assets Current assets: Total current assets Property, plant, and equipment: o $ Total property, plant, and equipment Total assets Liabilities Current liabilities: $ Total liabilities Stockholders' Equity $ Total stockholders' equity Total liabilities and stockholders' equity

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