The December 31, 2013, balance sheet accounts of Hitt Company are shown here in alphabetical order:

Required:
1. Prepare Hitt's December 31, 2013, 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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Accounts Payable Accounts Receivable Accumulated Depreciation: Buildings Accumulated Depreciation: Equipment Additional Paid-In Capital on Common Stock Additional Paid-In Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2024) Buildings $ 72,400 37,200 30,000 6,100 9,800 21,000 46,200 107,000 39,000 2,000 3,700 1,100 S 22,400 Equipment 21,500 53,000 35,100 24,000 11,500 Inventory Land Marketable Securities (short-term) Patents (net) Preferred Stock, $100 par 800 Retained Earnings 77,000 Revenues 44,000 Salaries Expense 2,900 Salaries Payable Common Stock, $10 par Current Taxes Payable Discount on Bonds Payable 9 30,000 Trademarks 10,400 Urealized Increase in Value of 6,900 Marketable Securities