The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, current year. 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. NOT: retained earnings = net profit,    capital stock = capital   WILLIS TRANSPORTATION SERVICE Manager’s Report 8 P.M. Thursday Assets Owners' Equity Capital stock $ 93,000 Accounts receivable $ 70,000 Retained Earnings   63,000 Notes payable   283,000 Cash   77,000 Supplies   15,000 Building   100,000 Land   71,000 Automobiles   165,000 Accounts payable   59,000   $ 498,000   $ 498,000     Prepare a corrected balance sheet.     WILLIS TRANSPORTATION SERVICE     Assets Liabilities & Owners' Equity   Liabilities:                             Total liabilities $0     Owners’ equity:                           Total Assets $0 Total Liabilities & Owners' Equity $0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, current year. 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.

NOT: retained earnings = net profit,    capital stock = capital

 

WILLIS TRANSPORTATION SERVICE
Manager’s Report
8 P.M. Thursday
Assets Owners' Equity
Capital stock $ 93,000 Accounts receivable $ 70,000

Retained Earnings

  63,000 Notes payable   283,000
Cash   77,000 Supplies   15,000
Building   100,000 Land   71,000
Automobiles   165,000 Accounts payable   59,000
  $ 498,000   $ 498,000
 

 

Prepare a corrected balance sheet.

 
 
WILLIS TRANSPORTATION SERVICE
 
 
Assets Liabilities & Owners' Equity
  Liabilities:
       
       
       
    Total liabilities $0
    Owners’ equity:  
       
       
       
Total Assets $0 Total Liabilities & Owners' Equity $0

 

 

 

 

 

 

The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for t
company at February 28, current year. The dollar amounts were taken directly from the company's accounting records and are cor
However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owne
equity.
NOT: retained earnings = net profit, capital stock =
capital
WILLIS TRANSPORTATION SERVICE
Manager's Report
8 P.M. Thursday
Owners' Equity
Accounts receivable
Assets
$ 70,000
283,000
15,000
71,000
59,000
Capital stock
Retained Earnings
$
93,000
63, 00ө
77,000
100,000
165,000
Notes payable
Supplies
Cash
Building
Land
Automobiles
Accounts payable
2$
498,000
$ 498,000
Prepare a corrected balance sheet.
WILLIS TRANSPORTATION SERVICE
Assets
Liabilities & Owners' Equity
Liabilities:
Total liabilities
$
Owners' equity:
Total Assets
0 Total Liabilities & Owners' Equity
$
Transcribed Image Text:The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for t company at February 28, current year. The dollar amounts were taken directly from the company's accounting records and are cor However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owne equity. NOT: retained earnings = net profit, capital stock = capital WILLIS TRANSPORTATION SERVICE Manager's Report 8 P.M. Thursday Owners' Equity Accounts receivable Assets $ 70,000 283,000 15,000 71,000 59,000 Capital stock Retained Earnings $ 93,000 63, 00ө 77,000 100,000 165,000 Notes payable Supplies Cash Building Land Automobiles Accounts payable 2$ 498,000 $ 498,000 Prepare a corrected balance sheet. WILLIS TRANSPORTATION SERVICE Assets Liabilities & Owners' Equity Liabilities: Total liabilities $ Owners' equity: Total Assets 0 Total Liabilities & Owners' Equity $
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