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

Question:

Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the YeLabyrinth Services Co. Balance Sheet August 31, 2018 Assets Current assets: Total current assets Property, plant, and equipme

Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $37,600 185,200 30,100 160,900 $413,800 $3,100 150,000 444,900 598,000 $1,011,800 Prepare a corrected balance sheet.
Labyrinth Services Co. Balance Sheet August 31, 2018 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity

Answers

Labyrinth Services Co.
Balance Sheet
August 31, 2018
Assets
Current assets:
Cash $ 16,500
Supplies $ 7,500
Prepaid insurance $ 13,500
Accounts receivable $ 37,600
          Total Current assets $ 75,100
Property, plant, and equipment:
    Land $ 215,000
   Building $ 449,700
        Less: Accumulated depreciation - Building ($ 185,200)
       Building - Net $ 264,500
      Equipment $ 101,700
            Less: Accumulated depreciation -Equipment ($ 30,100)
        Equipment - Net $ 71,600
        Total Property, plant and equipment $ 551,100
Total assets $ 626,200
Liabilities
Current liabilities:
Accounts payable $ 28,200
Wages payable $ 3,100
Total liabilities $ 31,300
Stockholders' Equity
Common stock $ 150,000
Retained earnings $ 444,900
        Total Stockholders' equity $ 594,900
Total Liabilities and stockholders' Equity $ 626,200
.

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