Classified Balance Sheets – The following (given in scrambled order) are accounts and balances from the Alleg, Inc.,

Classified Balance Sheets (60 points)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 shareAt $1 par value, issued 12,000 shares $12,000Additional paid-in capital 38,000Cash 14,000Marketable securities 17,000Accounts receivable 26,000Accounts Payable 16,000Current maturities of long-term debt 11,000Mortgages payable 80,000Bonds payable 65,000Inventory 33,000Land and buildings 57,000Machinery and equipment 120,000Goodwill 13,000Patents 9,000Other assets 45,000Deferred income taxes (long-term liability) 18,000Retained earnings 33,000Accumulated depreciation 61,000Bonds 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?