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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, 2013 Assets Current assets: Cash 515,000 20,400 Accounts payable Supplies Prepaid insurance 6.800 12,200 Land 150,300 Total current assets $204,700 $314,300 Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets 71.100 529,100 $733,800 Liabilities $34,000 Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income 129,400 21,000 116,500 Total liabilities $300,900 Stockholders' Equity Wages payable $2,300 Common stock 150,000 280,600 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 432.900 $733,800 Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 2013 Assets Ourrent assets: Cash 15,000 Accounts receivable 34,000 6.800 Supplies Prepaid insurance 12.200 Total current assets Property, plant, and equipment: Land Building Accumulated depreciation - building Equipment Total property, plant, and equipment II DO DIO Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders equity Total liabilities and stockholders' equity

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