What is 503 Divided by 16 using Long Division?

$$ \begin{array}{rl} & 031 \phantom{00} \leftarrow Quotient \\[-4pt] Divisor \rightarrow \phantom{0} 16 \kern-1ex & \kern-1ex \enclose{longdiv}{503} \phantom{0} \leftarrow Dividend \\[-4pt] & \phantom{} \underline{\phantom{} 0\phantom{0}} \\[-4pt] & \phantom{} 5 0 \\[-4pt] & \phantom{} \underline{\phantom{} 48\phantom{0}} \\[-4pt] & \phantom{0} 2 3 \\[-4pt] & \phantom{0} \underline{\phantom{} 16\phantom{0}} \\[-4pt] & \phantom{00} 7 \phantom{0} \leftarrow Remainder \\[-4pt] \end{array} $$