Balance Sheet Below is the balance sheet for Labyrinth Services Co., which conta

Question

Balance Sheet

Below is the balance sheet for Labyrinth Services Co., which contains errors.

Prepare a corrected balance sheet.

Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: Cash $14,600 Accounts payable 24,800 Supplies 6,600 Prepaid insurance 11,900 Land 189,400 Total current assets $247,300 Property, plant, and equipment: Building $396,400 Equipment 89,700 Total property, plant, and equipment 644,800 Total assets $892,100 Liabilities Current liabilities: Accounts receivable $33,200 Accumulated depreciation—building 163,200 Accumulated depreciation—equipment 26,500 Net income 141,900 Total liabilities $364,800 Stockholders' Equity Wages payable $2,800 Common stock 150,000 Retained earnings 374,500 Total stockholders' equity 527,300 Total liabilities and stockholders' equity $892,100

Explanation / Answer

Solution:

Corrected Balance sheet for Labyrinth Services Co. as on August 31, 2018

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