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.

Answer rating: 100% (QA)

Required solution of all three parts is given below Ans 1 Ans 2 ... View the full answer