Elements of The Balance Sheet

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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 equipment120,000
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?

 

    • Posted: 5 years ago
    • Due: 
    • Budget: $20
    Answers 5

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