Question

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, 2019
Assets
Current assets:
Cash	$24,600
Accounts payable	33,500
Supplies	11,200
Prepaid insurance	20,000
Land	246,700
Total current assets		$336,000
Property, plant, and equipment:
Building	$516,300
Equipment	116,900
Total property, plant, and equipment		869,100
Total assets		$1,205,100
Liabilities
Current liabilities:
Accounts receivable	$55,800
Accumulated depreciation—building	212,600
Accumulated depreciation—equipment	34,600
Net income	191,300
Total liabilities		$494,300
Owner's Equity
Wages payable	$3,700
Ruben Daniel, Capital	707,100
Total owner's equity		710,800
Total liabilities and owner's equity		$1,205,100

Required:

Prepare a corrected balance sheet.

Labyrinth Services Co.
Balance Sheet
August 31, 2019
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
		$
	$
	$
Total property, plant, and equipment
Total assets			$
Liabilities
Current liabilities:
		$
Total liabilities			$
Owner's Equity
Total liabilities and owner's equity			$

Answer 1

Labyrinth Services Co.
Balance Sheet
August 31, 2019
Assets
Current assets:
Cash		$24600
Accounts receivable		$55800
Supplies		$11200
Prepaid insurance		$20000
Total current assets			$111,600
Property, plant, and equipment:
Land		$246,700
Building	$516300
Less : Accumulated depreciation—building	$212600	$303,700
Equipment	$116900
Less : Accumulated depreciation—equipment	$34600	$82300
Total property, plant, and equipment			$632700
Total assets			$744300
Liabilities
Current liabilities:
Accounts payable		$ 33500
Wages payable		$ 3700
Total liabilities			$ 37200
Owner's Equity
Ruben Daniel, Capital			$ 707100
Total liabilities and owner's equity			$744300

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