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 |
$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:
- 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.
- Compute the total asset turnover rate assuming that total revenues in 2012 were $682,500. Round to the nearest hundredth, e.g., 3.33.
- 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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