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 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.

Assets Capital stock Retained Earnings Cash Building Automobiles WILLIS TRANSPORTATION SERVICE Manager's Report 8 P.M. Thursday Owners' Equity Accounts 94,000 receivable 64,000 Notes payable 73,000 Supplies 100,000 Land 175,000 Accounts payable $ 506,000 $ 73,000 284,000 15,000 70,000 64,000 $ 506,000 WILLIS TRANSPORTATION SERVICE Assets Liabilities & Owners' Equity Liabilities: Total liabilities 0 Owners' equity: Total Assets $ 0 Total Liabilities & Owners' Equity $ 0