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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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