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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, 2019 Assets Current assets: Cash .. Accounts payable.. Supplies . Prepaid insurance $ 18,500 31,300 6,500 ... 16,600 Land. . 225,000 Total current assets $297,900 Property, plant, and equipment: Building.... Equipment. Total property, plant, and equipment. $400,000 97,000 635,400 Total assets.. $933,300 Liabilities Current liabilities: $ 41,400 Accounts receivable... Accumulated depreciation-building.. Accumulated depreciation-equipment.. 155,000 25,000 Net income 118,200 Total liabilities $339,600 Owner's Equity $ 6,500 Wages payable .. Ruben Daniel, capital... Total owner's equity.. Total liabilities and owner's equity.. 587,200 593,700 $933,300

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, 2019 Assets Current assets: Cash .. Accounts payable.. Supplies . Prepaid insurance $ 18,500 31,300 6,500 ... 16,600 Land. . 225,000 Total current assets $297,900 Property, plant, and equipment: Building.... Equipment. Total property, plant, and equipment. $400,000 97,000 635,400 Total assets.. $933,300 Liabilities Current liabilities: $ 41,400 Accounts receivable... Accumulated depreciation-building.. Accumulated depreciation-equipment.. 155,000 25,000 Net income 118,200 Total liabilities $339,600 Owner's Equity $ 6,500 Wages payable .. Ruben Daniel, capital... Total owner's equity.. Total liabilities and owner's equity.. 587,200 593,700 $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
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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, 2019 Assets Current assets: Cash .. Accounts payable.. Supplies . Prepaid insurance $ 18,500 31,300 6,500 ... 16,600 Land. . 225,000 Total current assets $297,900 Property, plant, and equipment: Building.... Equipment. Total property, plant, and equipment. $400,000 97,000 635,400 Total assets.. $933,300 Liabilities Current liabilities: $ 41,400 Accounts receivable... Accumulated depreciation-building.. Accumulated depreciation-equipment.. 155,000 25,000 Net income 118,200 Total liabilities $339,600 Owner's Equity $ 6,500 Wages payable .. Ruben Daniel, capital... Total owner's equity.. Total liabilities and owner's equity.. 587,200 593,700 $933,300
Transcribed Image Text: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, 2019 Assets Current assets: Cash .. Accounts payable.. Supplies . Prepaid insurance $ 18,500 31,300 6,500 ... 16,600 Land. . 225,000 Total current assets $297,900 Property, plant, and equipment: Building.... Equipment. Total property, plant, and equipment. $400,000 97,000 635,400 Total assets.. $933,300 Liabilities Current liabilities: $ 41,400 Accounts receivable... Accumulated depreciation-building.. Accumulated depreciation-equipment.. 155,000 25,000 Net income 118,200 Total liabilities $339,600 Owner's Equity $ 6,500 Wages payable .. Ruben Daniel, capital... Total owner's equity.. Total liabilities and owner's equity.. 587,200 593,700 $933,300
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