Exercise 2.2 (Algo) Preparing a Balance Sheet (LO2-4) 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. WILLIS TRANSPORTATION SERVICE Manager's Report 8 P.M. Thursday Assets Capital stock Owners' Equity $ 94,000 Accounts receivable $ 76,000 Retained earnings 66,000 Notes payable 283,000 Cash 69,000 Supplies 14,000 Building 100,000 Land 70,000 Automobiles 175,000 Accounts payable 61,000 $ 504,000 $ 504,000 Prepare a corrected balance sheet. WILLIS TRANSPORTATION SERVICE Assets Liabilities & Owners' Equity Liabilities: Total liabilities Owners' equity: Total Assets Total Liabilities & Owners' Equity