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
Additional paid-in capital
Current maturities of long-term debt
Land and buildings
Machinery and equipment
Deferred income taxes (long-term liability)
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.
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.
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.