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The following balance sheet was prepared by Labyrinth Consulting Services for its year ended August $31,20$Y$3.$

Labyrinth Consulting Services

Balance Sheet

For the Year Ended August $31,20$Y$3$

Line Item Description Amount Amount

Assets

Current assets:

Cash $$18,500$

Accounts payable $31,300$

Supplies $6,500$

Prepaid insurance $16,600$

Land $225,000$

Total current assets $$297,900$

Property, plant, and equipment:

Building $$400,000$

Equipment $97,000$

Total property, plant, and equipment $635,400$

Total assets $$933,300$

Liabilities

Current liabilities:

Accounts receivable $$41,400$

Accumulated depreciation$$building $155,000$

Accumulated depreciation$$equipment $25,000$

Net income $118,200$

Total liabilities $$339,600$

Owner$$s Equity

Wages payable $$6,500$

Tanya Egan, capital $587,200$

Total $593,700$

Total liabilities and owner$$s equity $$933,300$

Prepare a corrected balance sheet.

Labyrinth Consulting Services

Balance Sheet

August $31,20$Y$3$

Line Item Description Amount Amount Amount

Assets

Current assets:

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Total current assets $Total current assets

Property, plant, and equipment:

$$-$ Select $-$

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Total property, plant, and equipment Total property, plant, and equipment

Total assets $Total assets

Liabilities

Current liabilities:

$$-$ Select $-$

$-$ Select $-$

Total liabilities $Total liabilities

Owner$$s Equity

$-$ Select $-$

Total liabilities and owner$$s equity $Total liabilities and owner$$s equity

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