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 $16,700 28,400 Accounts payable Supplies 7,600 < Prepaid insurance 13,500 Land 216,600 Total current assets $282,800 Property, plant, and equipment: Building $453,200 Equipment 102,500 Total property, plant, and equipment 736,900 Total assets $1,019,700 Liabilities Current liabilities: Accounts receivable $37,900 186,600 Accumulated depreciation--building Accumulated depreciation-equipment 30,300

Answer 1

Labyrinth Services Co. Balance Sheet August 31, 2019. Assets Current Assets : Cash $ 16,700 Accounts Receivable $ 37,900 Supplies $ 7,600 Prepaid Insurance $ 13,500 Total Current Assets Property, plant and Equipment: Land $216,600 Building $453,200 Accumulated Depreciation-Building $ 186,600 $ 266,600 Equipment $ 102,500 Accumulated Depreciation-Equipment $ 30,300 $ 72,200 Total Property, plant and Equipment Total Assets $ 75,700 $ 555,400 $631,100 Liabilities Current Liabilities : Accounts Payable Wages Payable Total Liabilities $ 28,400 $ 3,200 $ 31,600 Owners Equity Ruben Daniel, Capital Total Liabilities and Owners Equity $ 599,500 $631,100 Note : Do Comment For Any Further Assistance