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 ..... ....
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
list the errors you find in the following
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
..... ....
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