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

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The night manager of Wong 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. Assets Capital stock Retained earnings Cash Building Automobiles WONG TRANSPORTATION SERVICE Manager's Report 8 P.M. Thursday Owners' Equity $ 92,000 Accounts receivable $ 79,000 72,000 Notes payable 281,000 61,000 Supplies 15,000 90,000 Land 70,000 165,000 Accounts payable 35,000 $ 480,000 $ 480,000 Required: Prepare a corrected balance sheet. Total Assets Assets WONG TRANSPORTATION SERVICE Liabilities and Owners' Equity Liabilities: Total liabilities Owners' equity: $ 0 0 Total Liabilities and Owners' Equity 0 The night manager of Wong 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. Assets Capital stock Retained earnings Cash Building Automobiles WONG TRANSPORTATION SERVICE Manager's Report 8 P.M. Thursday Owners' Equity $ 92,000 Accounts receivable $ 79,000 72,000 Notes payable 281,000 61,000 Supplies 15,000 90,000 Land 70,000 165,000 Accounts payable 35,000 $ 480,000 $ 480,000 Required: Prepare a corrected balance sheet. Total Assets Assets WONG TRANSPORTATION SERVICE Liabilities and Owners' Equity Liabilities: Total liabilities Owners' equity: $ 0 0 Total Liabilities and Owners' Equity 0