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Cash 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, 2018 Assets Current assets: $18,500 Accounts payable 31,300 Supplies 6,500 Prepaid insurance 16,600 Land 225,000 Total current assets Property, plant, and equipment: $400,000 Building 97,000 Equipment Total property, plant, and equipment Total assets Liabilities $297,900 39 Current liabilities: Accounts receivable Accumulated depreciation building Accumulated depreciation equipment $41.400 155,000 25,000 Net Income 118,200 $339,600 $6,500 Total liabilities Stockholders' Equity Wages payable Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 75,000 512,200 593,700 $933,300 Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 2018 Assets Current assets: Cash 14,600 X Accounts receivable Supplies Prepaid insurance Total current assets Property, plant, and equipment: Land Building Total current assets Property, plant, and equipment: Land Building Accumulated depreciation - building Book value - building do do Equipment Accumulated depreciation - equipment Book value - equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Wages payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 552,100 X