The December 31, 2019, balance sheet accounts of Hitt Company are shown here in alphabetical order:

Required:
1. Prepare Hitt’s December 31, 2019, balance sheet.
2. Compute the working capital and the current ratio.
3. Next Level Discuss how the format of Hitt’s balance sheet would be different from Requirement 1 if the company used IFRS.

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$ 22,400 $ 6,900 Accounts Payable Accounts Receivable Accumulated Depreciation: Buildings Accumulated Depreciation: Equipment Discount on Bonds Payable Equipment 21,500 53,000 35,100 1,100 24,000 11,500 800 72,400 37,200 30,000 6,100 9,800 21,000 46,200 107,000 Inventory Land Marketable Securities (short-term) Patents (net) Preferred Stock, $100 par Retained Earnings Revenues Accumulated Other Comprehensive Income Additional Paid-in Capital on Common Stock Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2027) 77,000 Buildings Cash Common Stock, $10 par Current Taxes Payable 144,000 2,900 30,000 10,400 Salaries Expense Salaries Payable Trademarks 39,000 2,000 3,700