prepare a corrected balance sheet include a proper heading 654806
The right manager of Makks Metro Transport Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2009. The Rs. 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.
| Makks Metro Transport Service | |||
| Manager’s Report | |||
| 8 P.M. Thursday | |||
| Assets | (Rs.) | Owners’ Equity | (Rs.) |
| 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 |
Prepare a corrected balance sheet. Include a proper heading.