The following is a list of account titles and amounts (in thousands) reported at December 31, 2017, by Megan’s Veterinary Clinic: 

Required: 

1. Prepare the asset section of a classified balance sheet for Megan’s Veterinary Clinic, using ASPE. 

2. Using Megan’s Veterinary Clinic’s 2017 Net Sales Revenue of $402 (thousand) and its Net Fixed Assets of $118 (thousand) at December 31, 2016, calculate the fixed asset turnover ratio for 2017. Has the company generated more or less revenue from each dollar of fixed assets than in 2016, when the ratio was 2.75?

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Buildings and Improvements $95 Goodwill $45 Prepaids and Other Current Assets 71 Machinery and Equipment 43 Allowance for Doubtful Accounts 3 Accumulated Depreciation 43 Other Non-current Assets 20 Inventories 31 Cash and Cash Equivalents 63 Other Intangibles 58 Accounts Receivable 64 Land and Improvements 7