Critical Thinking: Classified Balance Sheets On the Assignments page (given in scrambled order) you will see accounts and balances from the accounting records of Alleg, Inc., as of December 31, 2012, after the books were closed for the year. Use the information on the Assignments page as well as the following information to complete the required components below. 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?