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FIN 400 Module 4 Assignment - 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. 

$12,000

Common stock, authorized 21,000 share 

           At $1 par value, issued 12,000 Shares

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 equipment1,20,000

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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FIN 400 Module 4 Assignment - Classified Balance Sheets
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