Preparing a Balance Sheet
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.
Capital Stock | $ 92,000 | Accounts Receivable | $ 70,000 |
Retained Earnings | 62,000 | Notes Payable | 288,000 |
Cash | 79,000 | Supplies | 14,000 |
Building | 80,000 | Land | 70,000 |
Automobiles | 165,000 | Accounts Payable | 36,000 |
| $478,000 |
| $478,000 |
Prepare a corrected balance sheet. Include a proper heading.
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