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The night manager of Dixie Transportation Service, who had no accounting background, prepared the following statement of financial position for the company at February 28,
The night manager of Dixie Transportation Service, who had no accounting background, prepared the following statement of financial position for the company at February 28, 2013. The dollar amounts were taken directly from the company's accounting records and are correct. However, the statement of financial position contains a number of errors in its headings, format, and the classification of assets, liabilities, and equity. Assets Share Capital Retained Earnings Cash Building Automobiles DIXIE TRANSPORTATION SERVICE MANAGER'S REPORT 8 P.M. THURSDAY Equity $ 93,000 Accounts Receivable 70,000 Notes Payable 63,000 Supplies 100,000 Land 175,000 Accounts Payable $ 78,000 283,000 14,000 71,000 55,000 $ 501,000 $ 501,000 Prepare a corrected statement of financial position. Include a proper heading. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) DIXIE TRANSPORTATION SERVICE Statement of financial position February 28, 2013 Assets (Click to select) $ (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) TIT Total $ Liabilities & Equity Liabilities: (Click to select) (Click to select) $ $ Total Liabilities Equity: (Click to select) (Click to select) Total $
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