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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,

  1. 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, 2019
    Assets
    Current assets:
    Cash $23,900
    Accounts payable 32,600
    Supplies 10,900
    Prepaid insurance 19,500
    Land 240,000
    Total current assets $326,900
    Property, plant, and equipment:
    Building $502,200
    Equipment 113,600
    Total property, plant, and equipment 845,300
    Total assets $1,172,200
    Liabilities
    Current liabilities:
    Accounts receivable $54,300
    Accumulated depreciationbuilding 206,800
    Accumulated depreciationequipment 33,600
    Net income 186,100
    Total liabilities $480,800
    Owner's Equity
    Wages payable $3,600
    Ruben Daniel, Capital 687,800
    Total owner's equity 691,400
    Total liabilities and owner's equity $1,172,200
    Required:

    Prepare a corrected balance sheet.

    Labyrinth Services Co.
    Balance Sheet
    August 31, 2019
    Assets
    Current assets:
    $
    Total current assets $
    Property, plant, and equipment:
    $
    $
    $
    Total property, plant, and equipment
    Total assets $
    Liabilities
    Current liabilities:
    $
    Total liabilities $
    Owner's Equity
    Total liabilities and owner's equity $

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