Question

Balance Sheet Preparation The December 31, 2016, balance sheet accounts of Hitt Company are shown here...

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

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Answer #1

Hatt Company Balance sheet .. December 31, 2016 Assets Currant Assets } Cash ३२५०० Marketable Sewisities (shoot form) 46100 A$28,400 $10,400 42,000 34800 |$77,000 (4 6900) $70,100 uanilles current liabilities Accounts payable current taxes payable Sa

P) working Capital = Current Assets - Casteut Lebilities $66,900 - $ 34,800 1$ 32,100 Current Ratio & Current Assets CurrentIf you have any query ask in comment section. If you like the answer plz rate. Thanks

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