Question - The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2015. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners' equity.
WILLIS TRANSPORTATION SERVICE MANAGER'S REPORT 8p.m. THURSDAY
Assets
Capital Stock........$ 92.000
Retained Earnings...62.000
Cash........................79.000
Building....................80.000
Automobiles.............165,000
$ 478,000
Owners' Equity
Accounts Receivable.......$ 70.000
Notes Payable....................288,000
Supplies.............................14,000
Land...................................70,000
Accounts Payable...............36,000
$478,000
Prepare a corrected balance sheet. Include a proper heading.