he 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 companys 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.

Prepare balance sheet

WILLIS TRANSPORTATION SERVICE Managers Report 8 P.M. Thursday
Assets			Owners' Equity
Capital stock	$	93,000	Accounts receivable	$	74,000
Retained earnings		64,000	Notes payable		284,000
Cash		70,000	Supplies		12,000
Building		90,000	Land		71,000
Automobiles		175,000	Accounts payable		51,000
	$	492,000		$	492,000