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, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600

Answer 1

$ 19,600 $ 44,500 $ 8,900 $ 15,900 Labyrinth Service Co Balance Sheet August 31, 20Y3 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets Property, plant and Equipment Land Building $531,800 Accumulated Depreciation-Building $ 219,000 Book Value-Building Equipment $ 120,300 Accumulated Depreciation-Equipment $ 35,600 Book Value-Equipment Total Property,plant and Equipment Total Assets $ 88,900 $ 254,100 $312,800 $ 84,700 $651,600 $ 740,500 Liabilities Current Liabilities Accounts Payable Wages Payable Total Liabilities $ 33,300 $ 3,700 $ 37,000 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity $ 150,000 $ 553,500 $ 703,500 $ 740,500