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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,

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 $15,800
Accounts payable 27,000
Supplies 7,200
Prepaid insurance 13,000
Land 206,000
Total current assets $269,000
Property, plant, and equipment:
Building $430,800
Equipment 97,400
Total property, plant, and equipment 700,400
Total assets $969,400
Liabilities
Current liabilities:
Accounts receivable $36,000
Accumulated depreciationbuilding 177,400
Accumulated depreciationequipment 28,800
Net income 154,200
Total liabilities $396,400
Stockholders' Equity
Wages payable $3,000
Common stock 150,000
Retained earnings 420,000
Total stockholders' equity 573,000
Total liabilities and stockholders' equity $969,400

Prepare a corrected balance sheet.

Labyrinth Services Co.
Balance Sheet
August 31, 20Y3
Assets
Current assets:
$
Total current assets $
Property, plant, and equipment:
$
$
$
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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