Balance sheet
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
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Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2014 |
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Assets |
Liabilities |
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Current assets: |
Current liabilities: |
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Cash |
$18,500 |
Accounts receivable . . |
$ 41,400 |
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Accounts payable . . |
31,300 |
Accum. depr.—building |
155,000 |
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Supplies |
6,500 |
Accum. depr.—equipment |
25,000 |
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Prepaid insurance . . |
16,600 |
Net income . |
118,200 |
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Land |
225,000 |
Total liabilities |
$339,600 |
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Total current |
$297,900 |
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Property, plant, and equipment |
Stockholders’ Equity |
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Building . |
$400,000 |
Wages payable . . |
$6,500 |
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Equipment ? |
97,000 |
Capital stock . ???????? |
75,000 |
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Total property, Plant and equipment |
635,400 |
Retained earnings |
512,200 |
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Total stockholders’ equity |
593,700 |
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Total assets . |
$933,300 |
Total liabilities and stockholders’ equity . |
$933,300 |
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