Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 9.00

Dixie Transportation Service

The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2011. The dollar amounts were taken directly from the company’s accounting records and are correct. However, the balance sheet con- tains a number of errors in its headings, format, and the classification of assets, liabilities, and owners’ equity.

 

Assets

 

Owners’ Equity

 

Capital Stock  . . . . . . . . . . . . . .

$ 92,000

Accounts Receivable  . . . . . . . .

$ 70,000

Retained Earnings . . . . . . . . . .

62,000

Notes Payable  . . . . . . . . . . . . .

288,000

Cash . . . . . . . . . . . . . . . . . . . . .

69,000

Supplies . . . . . . . . . . . . . . . . . .

14,000

Building  . . . . . . . . . . . . . . . . . .

80,000

Land . . . . . . . . . . . . . . . . . . . . .

70,000

Automobiles . . . . . . . . . . . . . . .

165,000

Accounts Payable. . . . . . . . . . .

26,000

 

$468,000

 

$468,000

Prepare a corrected balance sheet. Include a proper heading.

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 05:08 PM My Price 9.00

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