Elements of the balance sheet (quality work only)

Classified Balance Sheets  

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The following (given in scrambled order) are accounts and balances from the accounting records of Alleg, Inc., as of December 31, 2012, after the books were closed for the year. 

Common stock, authorized 21,000 share 
           At $1 par value, issued 12,000 shares
$12,000
Additional paid-in capital   38,000
Cash   14,000
Marketable securities   17,000
Accounts receivable   26,000
Accounts Payable   16,000
Current maturities of long-term debt   11,000
Mortgages payable   80,000
Bonds payable   65,000
Inventory   33,000
Land and buildings   57,000
Machinery and equipment 120,000
Goodwill   13,000
Patents     9,000
Other assets   45,000
Deferred income taxes (long-term liability)   18,000
Retained earnings   33,000
Accumulated depreciation   61,000

Bonds and mortgages generally have 10-30 years until maturity. Marketable securities are short-term investments that can be converted to cash in a matter of minutes. 

Required: 

  1. Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.
  2. Compute the total asset turnover rate assuming that total revenues in 2012 were $682,500. Round to the nearest hundredth, e.g. 3.33.
  3. Assume that Alleg’s primary competitor has an asset turnover of 2.12. What does this tell you about Alleg’s asset management?

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