The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet

Question:

The night manager of Dixie Transportation Service, who had no accounting background, prepared the following for the company at February 28, 2011. The dollar amounts were taken directly from the company€™s accounting records and are correct. However, the contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners€™ equity.

Prepare a corrected balance sheet. Include a properheading.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...