Elements of the Balance Sheet

 
Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission.
Assignment Choice #1
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: 

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?

Ensure your work is accurate and reflects CSU-Global Guide to Writing and APA Requirements.
Assignment Choice #2
After reading case 3-1 “Convenience Foods” in the textbook, write an essay that includes the following elements:

A formal introduction.
Answers to questions (a) through (k) of the case, focusing on the company’s process to consolidate its balance sheets.
A conclusion.

Your submitted paper should be at least 2-3 pages long and written according to CSU-Global Guide to Writing and APA Requirements, following APA style, and properly referenced.
Note that the textbook author is citing a source in this case, which must be considered when forming your references and citations.

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