Homework Help is Here – Start Your Trial Now!
Business
Accounting
Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2016 Assets Liabilities Current assets: Current liabilities: $ 18,500 31,300 Cash..... Accounts payable . Supplies ..... Prepaid insurance Land.... Accounts receivable..... $ 41,400 Accum. depr.-building ... 155,000 Accum. depr.-equipment 6,500 25,000 16,600 Net income ... 118,200 225,000 Total liabilities . $339,600 Total current assets $297,900 Property, plant, and equipment: Owner's Equity $ 6,500 Building.... Equipment... Total property, plant, and equipment . $400,000 Wages payable 97,000 Ruben Daniel, capital.... 587,200 Total owner's equity.. 593,700 Total assets.... 635,400 Total liabilities and $933,300 owner's equity ... $933,300 ..... ....

Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2016 Assets Liabilities Current assets: Current liabilities: $ 18,500 31,300 Cash..... Accounts payable . Supplies ..... Prepaid insurance Land.... Accounts receivable..... $ 41,400 Accum. depr.-building ... 155,000 Accum. depr.-equipment 6,500 25,000 16,600 Net income ... 118,200 225,000 Total liabilities . $339,600 Total current assets $297,900 Property, plant, and equipment: Owner's Equity $ 6,500 Building.... Equipment... Total property, plant, and equipment . $400,000 Wages payable 97,000 Ruben Daniel, capital.... 587,200 Total owner's equity.. 593,700 Total assets.... 635,400 Total liabilities and $933,300 owner's equity ... $933,300 ..... ....

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

list the errors you find in the following balance sheet. Prepare a corrected balance sheet.

Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2016 Assets Liabilities Current assets: Current liabilities: $ 18,500 31,300 Cash..... Accounts payable . Supplies ..... Prepaid insurance Land.... Accounts receivable..... $ 41,400 Accum. depr.-building ... 155,000 Accum. depr.-equipment 6,500 25,000 16,600 Net income ... 118,200 225,000 Total liabilities . $339,600 Total current assets $297,900 Property, plant, and equipment: Owner's Equity $ 6,500 Building.... Equipment... Total property, plant, and equipment . $400,000 Wages payable 97,000 Ruben Daniel, capital.... 587,200 Total owner's equity.. 593,700 Total assets.... 635,400 Total liabilities and $933,300 owner's equity ... $933,300 ..... ....
Transcribed Image Text:Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2016 Assets Liabilities Current assets: Current liabilities: $ 18,500 31,300 Cash..... Accounts payable . Supplies ..... Prepaid insurance Land.... Accounts receivable..... $ 41,400 Accum. depr.-building ... 155,000 Accum. depr.-equipment 6,500 25,000 16,600 Net income ... 118,200 225,000 Total liabilities . $339,600 Total current assets $297,900 Property, plant, and equipment: Owner's Equity $ 6,500 Building.... Equipment... Total property, plant, and equipment . $400,000 Wages payable 97,000 Ruben Daniel, capital.... 587,200 Total owner's equity.. 593,700 Total assets.... 635,400 Total liabilities and $933,300 owner's equity ... $933,300 ..... ....
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS