Balance Sheet Preparation The December 31, 2019, balance sheet accounts of Hitt Company are shown here in alphabetical order:
Required:
1.
Prepare the balance sheet of Company H.
Company H | |||
Balance Sheet | |||
December 31,2019 | |||
Assets | Amount ($) | Amount ($) | Amount ($) |
Current Assets: | Â | Â | Â |
Cash | Â | 2,900 | Â |
Marketable securities (short-term) | Â | 6,100 | Â |
Accounts receivable | 21,500 | Â | Â |
Less: Allowance for doubtful accounts | (800) | 20,700 | Â |
Inventory | Â | 37,200 | Â |
Total current assets | Â | Â | 66,900 |
Property, Plant, and Equipment: | Â | Â | Â |
Land | Â | 30,000 | Â |
Buildings | 144,000 | Â | Â |
Less: Accumulated depreciation | (53,000) | Â | Â |
Equipment | 72,400 | Â | Â |
Less: Accumulated depreciation | (35,100) | 37,300 | Â |
Total property, plant, and equipment | Â | Â | 158,300 |
Intangible Assets: | Â | Â | Â |
Patents (net) | Â | 9,800 | Â |
Trademarks | Â | 3,700 | Â |
Total intangible assets | Â | Â | 13,500 |
Total Assets | Â | Â | 238,700 |
Liabilities | Â | Â | Â |
Current Liabiliti... |
2.
Compute the working capital and the current ratio.
3.
Discuss the manner in which the format of Company H’s balance sheet will be different from requirement 1, if the company uses IFRS.
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