Question

Balance Sheet Preparation

The December 31, 2016, balance sheet accounts of Hitt Company are shown here in alphabetical order:

Accounts Payable	$22,400		Equipment	$72,400
Accounts Receivable	21,500		Inventory	37,200
Accumulated Depreciation: Buildings	53,000		Land	30,000
Accumulated Depreciation: Equipment	35,100		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 2024)	77,000		Revenues	107,000
Buildings	144,000		Salaries Expense	39,000
Cash	2,900		Salaries Payable	2,000
Common Stock, $10 par	30,000		Trademarks	3,700
Current Taxes Payable	10,400		Unrealized Increase in Value of Marketable Securities	1,100
Discount on Bonds Payable	6,900

Required:

1. Prepare Hitt's December 31, 2016, balance sheet.

Hitt Company Balance Sheet December 31, 2016
Assets
Current Assets:
Cash		$
	$
			$
Property, Plant, and Equipment:
		$
	$
	$
Intangible Assets:
		$
Liabilities
Current Liabilities:
		$
			$
Long-Term Liabilities:
		$
			$
Shareholders' Equity
Contributed Capital:
		$
			$
Accumulated Other Comprehensive Income:
			$
			$

2. Compute the working capital.
$  
Compute the current ratio. Round to two decimal places.
: 1

Answer 1

Hatt Company Balance sheet .. December 31, 2016 Assets Currant Assets } Cash ३२५०० Marketable Sewisities (shoot form) 46100 Accounts suecivable $1,500 Les Allowance for Woubtful accounts 14 (800) | $20700 Inventory 4 37,200 Total. Current Assets $66,900 Property, plant and equipment land $30,000 Building $144,000 Leysr Acccumulated Depreciation - Building ($53,000) $91,000 1 , equipment $72,400 wayss Accumulated depreciation. quipment (35,100) $37,300 Total property, plant as equipment $156,300 Intangible Assets, patent (net) Tradmarks $9800 $3700 Total Intangible Assets $13,500 $4938,700 | Todal Assets

$28,400 $10,400 42,000 34800 |$77,000 (4 6900) $70,100 uanilles current liabilities Accounts payable current taxes payable Salaries Payable Total Current liabilities ang from habilities, Bonds Payable Calue 2034) Evy Oscount on Bonds Payable Total long-thun labilities Total habilities Shareholden's equity o n Contributed capital Preferred stock, $100 far ... . Common stock, $10 par Additional Ploid-in capital on phelessed Stock Additional faid-in Capital on common Total contributed Capital Retained Ernings Accumulated other comprenshevysuo incomer Unrealized increase in value of marketed - seunties $164900 921,000 $39000 $11,500 $24,000 Stock $86,500 ६५८,२०० 1100 Total shareholder's equity $133,800 mofal Liabili ho shareholder's equity $238.700

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P) working Capital = Current Assets - Casteut Lebilities $66,900 - $ 34,800 1$ 32,100 Current Ratio & Current Assets Current liabilities $66,900 $ 34,800 to the 11.927