alance 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 $14,500 Accounts payable 24,700 Supplies 6,600 Prepaid insurance 11,700 Land 188,000 Total current assets $245,500 Property, plant, and equipment: Building $393,200 Equipment 88,900 Total property, plant, and equipment 639,200 Total assets $884,700 Liabilities Current liabilities: Accounts receivable $32,900 Accumulated depreciation—building 161,900 Accumulated depreciation—equipment 26,300 Net income 140,700 Total liabilities $361,800 Owner's Equity Wages payable $2,700 Ruben Daniel, Capital 520,200 Total owner's equity 522,900 Total liabilities and owner's equity $884,700 Required: Prepare a corrected balance sheet.

alance 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 $14,500...

alance 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	$14,500
Accounts payable	24,700
Supplies	6,600
Prepaid insurance	11,700
Land	188,000
Total current assets		$245,500
Property, plant, and equipment:
Building	$393,200
Equipment	88,900
Total property, plant, and equipment		639,200
Total assets		$884,700
Liabilities
Current liabilities:
Accounts receivable	$32,900
Accumulated depreciation—building	161,900
Accumulated depreciation—equipment	26,300
Net income	140,700
Total liabilities		$361,800
Owner's Equity
Wages payable	$2,700
Ruben Daniel, Capital	520,200
Total owner's equity		522,900
Total liabilities and owner's equity		$884,700

Required:

Prepare a corrected balance sheet.

Jun 02, 2022