Balance sheet
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, 2014 | |||||
| Assets | Liabilities | ||||
| Current assets: | Current liabilities: | ||||
| Cash | $18,500 | Accounts receivable . . | $ 41,400 | ||
| Accounts payable . . | 31,300 | Accum. depr.—building | 155,000 | ||
| Supplies | 6,500 | Accum. depr.—equipment | 25,000 | ||
| Prepaid insurance . . | 16,600 | Net income . | 118,200 | ||
| Land | 225,000 | Total liabilities | $339,600 | ||
| Total current | $297,900 | ||||
| Property, plant, and equipment | Stockholders’ Equity | ||||
| Building . | $400,000 | Wages payable . . | $6,500 | ||
| Equipment ? | 97,000 | Capital stock . ???????? | 75,000 | ||
| Total property, Plant and equipment | 635,400 | Retained earnings | 512,200 | ||
| Total stockholders’ equity | 593,700 | ||||
| Total assets . | $933,300 | Total liabilities and stockholders’ equity . | $933,300 | ||
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