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 $14,900 Accounts payable 23,400 Supplies 6,800 Prepaid insurance 12,100 Land 176,500 Total current assets $233,700 Property, plant, and equipment: Building $369,400 Equipment 83,600 Total property, plant, and equipment 607,700 Total assets $841,400 Liabilities Current liabilities: Accounts receivable $33,900 Accumulated depreciation—building 152,100 Accumulated depreciation—equipment 24,700 Net income 133,700 Total liabilities $344,400 Owner's Equity Wages payable $2,600 Ruben Daniel, Capital 494,400 Total owner's equity 497,000 Total liabilities and owner's equity $841,400 Required: Prepare a corrected balance sheet. Labyrinth Services Co.August 31, 20Y3 Assets Current assets: $Cash Accounts receivable Supplies Prepaid insurance Total current assets $fill in the blank 9 Property, plant, and equipment: $Land $Building Less accumulated depreciation-building Less accumulated depreciation-building $Equipment Less accumulated depreciation-equipment Less accumulated depreciation-equipment Total property, plant, and equipment fill in the blank 22 Total assets $fill in the blank 23 Liabilities Current liabilities: $Accounts payable Wages payable Total liabilities $fill in the blank 28 Owner's Equity Ruben Daniel, capital Total liabilities and owner's equity $fill in the blank 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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	$14,900
Accounts payable	23,400
Supplies	6,800
Prepaid insurance	12,100
Land	176,500
Total current assets		$233,700
Property, plant, and equipment:
Building	$369,400
Equipment	83,600
Total property, plant, and equipment		607,700
Total assets		$841,400
Liabilities
Current liabilities:
Accounts receivable	$33,900
Accumulated depreciation—building	152,100
Accumulated depreciation—equipment	24,700
Net income	133,700
Total liabilities		$344,400
Owner's Equity
Wages payable	$2,600
Ruben Daniel, Capital	494,400
Total owner's equity		497,000
Total liabilities and owner's equity		$841,400

Required:

Prepare a corrected balance sheet.

Labyrinth Services Co.August 31, 20Y3

Assets
Current assets:
		$Cash
		Accounts receivable
		Supplies
		Prepaid insurance
Total current assets			$fill in the blank 9
Property, plant, and equipment:
		$Land
	$Building
	Less accumulated depreciation-building	Less accumulated depreciation-building
	$Equipment
	Less accumulated depreciation-equipment	Less accumulated depreciation-equipment
Total property, plant, and equipment			fill in the blank 22
Total assets			$fill in the blank 23
Liabilities
Current liabilities:
		$Accounts payable
		Wages payable
Total liabilities			$fill in the blank 28
Owner's Equity
			Ruben Daniel, capital
Total liabilities and owner's equity			$fill in the blank 31

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