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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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