Business, 04.06.2020 14:57 malikthomas

Exercise 2.2 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 companyâ€™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 ownersâ€™ equity.

WILLIS TRANSPORTATION SERVICE
Managerâ€™s Report
8 P. M. Thursday
AssetsOwners' Equity
Capital stock$94,000Accounts receivable$72,000
Retained earnings 62,000Notes payable 281,000
Cash 74,000Supplies 14,000
Building 90,000Land 70,000
Automobiles 175,000Accounts payable 58,000
$495,000 $495,000
Prepare a corrected balance sheet.

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Exercise 2.2 Preparing a Balance Sheet (LO2-4) The night manager of Willis Transportation Service,...

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