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Problem - Balance Sheet Preparation The December 31, 2019, balance sheet accounts of Hitt Company are shown here in alphabetical order:
Accounts Payable
$22,400
Discount on Bonds Payable
$6,900
Accounts Receivable
21,500
Equipment
72,400
Accumulated Depreciation: Buildings
53,000
Inventory
37,200
Accumulated Depreciation: Equipment
35,100
Land
30,000
Accumulated Other Comprehensive Income
1,100
Marketable Securities (short-term)
6,100
Additional Paid-in Capital on Common Stock
24,000
Patents (net)
9,800
Additional Paid-in Capital on Preferred Stock
11,500
Preferred Stock, $100 par
21,000
Allowance for Doubtful Accounts
800
Retained Earnings
46,200
Bonds Payable (due 2027)
77,000
Revenues
107,000
Buildings
144,000
Salaries Expense
39,000
Cash
2,900
Salaries Payable
2,000
Common Stock, $10 par
Trademarks
3,700
Current Taxes Payable
10,400
Required -
1. Prepare Hitt's December 31, 2019, balance sheet.
2. Compute the working capital and the current ratio.
3. Discuss how the format of Hitt's balance sheet would be different from Requirement 1 if the company used IFRS.
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