16. You are required to solve this problem very carefully. The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at...

Extracted text: 16. You are required to solve this problem very carefully. 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. DIXIE TRANSPORTATION SERVICE MANAGER'S REPORT 8 P.M. THURSDAY Assets Owners' Equity Capital Stock .... Retained Earnings Cash..... $ 92,000 Accounts Receivable $ 70,000 62,000 Notes Payable 288,000 .... 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.