The December 31, 2010 balance sheet accounts of the Hitt Company are shown here in alphabetical Order

Required
1. Prepare the December 31, 2010 balance sheet of the Hitt Company.
2. Compute the working capital and the current ratio.
3. Discuss how the format of the Hitt Company’s balance sheet would be different from Requirement 1 if the company usedIFRS.

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$ 10,400 6,900 72,400 37,200 30,000 24,000 Marketable securities (short-term 6,100 9,800 21,000 46,200 2,000 3,700 Accounts payable Accounts receivable Accumulated depreciation: buildings Accumulated depreciation: equipment Additional paid-in capital on $ 22,400 Current taxes payable 21,500 53,000 35,100 Discount on bonds payable Equipment Inventory Land common stock Additional paid-in capital on Patents (net) preferred stock Allowance for doubtful accounts Bonds payable (due 2024) Buildings Cash Common stock, $10 par 11,500 Preferred stock, $100 par 800 Retained earnings 77,000 Salaries payable 144,000 Trademarks 2,900 Unrealized increase in value of 30,000 ketable securities 1,100