Question

1. 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	$23,900
   Accounts payable	32,600
   Supplies	10,900
   Prepaid insurance	19,500
   Land	240,000
   Total current assets		$326,900
   Property, plant, and equipment:
   Building	$502,200
   Equipment	113,600
   Total property, plant, and equipment		845,300
   Total assets		$1,172,200
   Liabilities
   Current liabilities:
   Accounts receivable	$54,300
   Accumulated depreciation—building	206,800
   Accumulated depreciation—equipment	33,600
   Net income	186,100
   Total liabilities		$480,800
   Owner's Equity
   Wages payable	$3,600
   Ruben Daniel, Capital	687,800
   Total owner's equity		691,400
   Total liabilities and owner's equity		$1,172,200

   
   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

Answer-

LABYRINTH SEVICES CO.
BALANCE SHEET
AUGUST 31,2019
Assets		Amount
Current Assets		108600
Cash	23900
Supplies	10900
Accounts receivables	54300
Prepaid insurance	19500
Property,plant and equipment
Building	502200
Less- Accumulated depreciation	206800	295400
Equipment	113600
Less- Accumulated depreciation	33600	80000
Land		240000
Total Assets		724000
Liabilities
Current liabilities		36200
Accounts payable	32600
Wages payable	3600
Owner's equity		687800
Owner's capital	687800
Total liabilties and Owner's equity		724000