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Prepare a corrected balance sheet include a proper heading

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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.

Reference no: EM131573077

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