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, 2013 Current assets: Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Assets Liabilities $18,500 31,300 6,500 16,600 225,000 $297,900 $400,000 97,000 635,400 $933,300 $41,400 155,000 25,000 Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net Income Total liabilities Wages payable Common stock Retained earnings Total stockholders' equity Liabilities $41,400 155,000 25,000 118,200 $339,600 Stockholders' Equity $6,500 75,000 512,200 593,700 $933,300 Total liabilities and stockholders' equity Prepare a corrected balance sheet. Current assets: Labyrinth Services Co. Balance Sheet August 31, 2013 Assets Cash Accounts receivable Supplies Prepaid insurance 18,500 41,400 6,500 Correct 16,600 Total current assets 83,000 Current assets: Cash Accounts receivable Supplies Prepaid insurance 18,500 41,400 6,500 16,600 83,000 Total current assets Property, plant, and equipment: Land 235,300 X Building 400,000 Accumulated depreciation - building 155,000 Book value - building Equipment Accumulated depreciation - equipment Book value-equipment Total property, plant, and equipment Total assets Current liabilities: Accounts payable Wages payable Total liabilities Liabilities Stockholders' Equity Common stock 97,000 depreciuRON Book value-building Equipment Accumulated depreciation equipment Book value-equipment Total property, plant, and equipment Total assets Current liabilities: Accounts payable Wages payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback Liabilities Stockholders' Equity 97,000 00