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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, 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 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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