M Question 1 - Chapter 2 Endimo Web DOM ework Sad 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 B.P.M Thursday Assets Owners' Equity Capital stock $ 93,00Accounts receivable $74.000 Retained earnings 63,800 Notes payable 284,000 Cash 70.000 Supplies 12,000 Building 90,000 Land 70,000 Automobiles 165.000 Accounts payable 41.000 $ 481,000 5481,000 Prepare a corrected balance sheet Assets WILLIS TRANSPORTATION SERVICE Balance Sheet February 28. Current Year Labdities & Owners' Equity Les Notes payable Accounts payable $ 0 Totes Owners equity Total Assets $ Total Owners' Equity 5 0 Prev 1 of 6 Next > 29 atv ? C The 2 3 % 5 2 4 & 7 6 8