Introductions

List the errors you find in the following balance sheet.

Labyrinth Services Co.

Balance Sheet

For the Year Ended August 31, 2016

1	Assets
2	Current assets:
3	Cash	$18,500.00
4	Accounts payable	31,300.00
5	Supplies	6,500.00
6	Prepaid insurance	16,600.00
7	Land	225,000.00
8	Total current assets		$297,900.00
9	Property, plant, and equipment:
10	Building	$400,000.00
11	Equipment	97,000.00
12	Total property, plant, and equipment		635,400.00
13	Total assets		$933,300.00
14	Liabilities
15	Current liabilities:
16	Accounts receivable	$41,400.00
17	Accum. depr.building	155,000.00
18	Accum. depr.equipment	25,000.00
19	Net income	118,200.00
20	Total liabilities		$339,600.00
21	Owners equity
22	Wages payable	$6,500.00
23	Ruben Daniel, capital	587,200.00
24	Total owners equity		593,700.00
25	Total liabilities and owners equity		$933,300.00

Prepare a corrected balance sheet. Fixed assets must be entered in order according to account number. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.

Labels
August 31, 2016
Current assets
Current liabilities
Expenses
Property, plant, and equipment
Revenues
Amount Descriptions
Accumulated depreciation
Decrease in owners equity
Increase in owners equity
Net income
Net loss
Ruben Daniel, capital
Ruben Daniel, capital, August 1, 2015
Ruben Daniel, capital, August 31, 2016
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Withdrawals Prepare a corrected balance sheet. Fixed assets must be entered in order according to account number. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Labyrinth Services Co. Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Liabilities 17 18 19 20 21 Owners equity 22 23