1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
irinina [24]
2 years ago
8

The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for t

he company at February 28, 2015. 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. Prepare a corrected balance sheet. Include a proper heading.
Business
1 answer:
Taya2010 [7]2 years ago
4 0

Question Completion:

WILLIS TRANSPORT SERVICE

MANAGER'S REPORT

8PM THURSDAY

Assets                                             Owners' Equity

Capital stock                $110,400    Accounts Receivable      $84,000

Retained earnings          74,400    Notes Payable                 345,600

Cash                               94,800     Supplies                             16,800

Building                          96,000     Land                                  84,000

Automobiles                 198,000     Accounts Payable            43,200

Total                           $573,600     Total                             $573,600

Answer:

Willis Transportation Service

WILLIS TRANSPORTATION SERVICE

Balance Sheet

As of February 28, 2015

Assets

Current Assets:

Cash                                    $94,800

Accounts Receivable            84,000    

Supplies                                 16,800  $195,600

Automobiles                        198,000

Building                                 96,000    

Land                                      84,000 $378,000

Total assets                                       $573,600

Liabilities and Equity:

Current Liabilities:

Accounts Payable                               $43,200

Long-term Liabilities:

Notes Payable                                  $345,600

Total liabilities                                   $388,800

Owners' Equity:

Common stock                $110,400    

Retained earnings              74,400  $184,800

Total liabilities and equity               $573,600

Explanation:

a) Data and Analysis:

Assets:

Cash                                      94,800

Accounts Receivable            84,000    

Supplies                                 16,800

Automobiles                        198,000

Building                                 96,000    

Land                                      84,000

Liabilities and Owners' Equity:

Accounts Payable                43,200

Notes Payable                   345,600

Common stock                   110,400    

Retained earnings              74,400    

b) Willis' balance sheet shows the company's assets and the sources through which the assets are financed.  These sources are either liabilities (debts) or owners' equity (common stock or retained earnings).  The balance sheet summarizes the financial position of Willis Transportation Service at a point in time.

You might be interested in
Which type of account will typically have the highest interest rate?
Firdavs [7]

<u>A certificate of deposit account will have the highest interest rate. </u>

Further Explanation:

Interest rate:

The interest rate is the rate of interest earned on investment for a particular time period. Account refers to the investment of money made for a particular period. The investors invest in those account which provides the highest rate of return. If the investor gets a lower rate of return, he is not interested in investing the money.  

Certificate of deposit:

A certificate of deposit is the type of account in which the investment has been made for a particular time period. It provides the highest interest rate. The investor invests in this type of account when he does not need the money immediately. He makes this type of investment for an extended period of time for different purposes. The investor makes this investment in case of long term funds needed for a particular purpose. For example, the marriage of the son or daughter, sometimes the investor may face the disease problem, purchase of land, purchase of the home, purchase of the car and many more purposes. As this investment provides a higher rate of interest, it will increase the amount of principal that the investor deposited.

Therefore, the certificate of deposit provides the highest interest rate.

Learn more:

1. Learn more about account

<u>brainly.com/question/5057443 </u>

2. Learn more about the savings account

<u>brainly.com/question/2652429 </u>

3. Learn more about bank account

<u>brainly.com/question/3212764 </u>

Answer details:

Grade: Middle School

Subject: Business  

Chapter: Money and banking

Keywords:  certificate of deposit, higher interest rate, investment, investor, provides, deposited, particular time period.

7 0
3 years ago
One of the most explosive areas of growth in recent years has been cellular phone networks
Firlakuza [10]
That is a true sentence.
4 0
2 years ago
Read 2 more answers
How can you change your city
Mice21 [21]

Answer:

cleaning up trash off the side of the road...

8 0
2 years ago
Eastern europe has become successful at manufacturing automobiles and ________ products.
pshichka [43]
<span>Eastern Europe has become successful at manufacturing automobiles and Electronic products. In actuality, Central and Eastern Europe (CEE) have emerged as a global leader in the electronics industry. Hungary has been the area to experience the most growth in the electronics world.</span>
5 0
3 years ago
As prosperity and economic development rise, ________ increases as well.
crimeas [40]
As prosperity and economic development rise, individualism increases as well.

Individualism refers to the freedom of someones actions. If the economy is doing well and someone has more money, they are more likely to spend their money freely. The person has moral worth as an individual. 
4 0
3 years ago
Other questions:
  • DOUBLE POINTS!! Explain the role played by consumers, business, and the government in a market economy. Hint: focus on the facto
    12·1 answer
  • The flow of money from the markets for goods and services to the firms is called
    8·1 answer
  • On January 1, 2021, Tiny Tim Industries had outstanding $1,000,000 of 9% bonds with a book value of $970,500. The indenture spec
    11·1 answer
  • One of the main differences between residential mortgage loans and permanent financing of commercial real estate lies in the all
    12·1 answer
  • Wolf Pack Deli purchased $2,400 of supplies for cash. A month later Wolf Pack Deli purchased additional supplies on account for
    11·1 answer
  • In 2013, the Bureau of Labor Statistics (BLS) announced that of all adult Americans, 143,929,000 were employed, 11,460,000 were
    15·1 answer
  • Steve Walker was happy with his new personal computer. It had all the features he wanted, including a color monitor and CD-ROM,
    6·1 answer
  • In which of the following scenarios would the short-cut method be permissible? A) A lease term of 6 months with an option to ren
    7·1 answer
  • . Suppose, the world’s average (mean) GDP per capita is $9,133 in 2014. If there are roughly 6 billion people in the world, then
    7·1 answer
  • When a company has both common and preferred stock, its ROE must be adjusted by ______. (Select all that apply.)
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!