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 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.

Willis Transportation Service

Manager's Report

$8$ P$.$M$.$ Thursday

Prepare a corrected balance sheet. Include a proper heading.