The following information was obtained from the accounts of Alleg, Inc., as of December 31, 2012. It is presented in scrambled order. Common stock, authorized 21,000 shares at $1 par value, issued 10,000 shares $ 10,000 Additional paid-in capital 38,000 Cash 13,000 Marketable securities 17,000 Accounts receivable 26,000 Accounts payable 15,000 Current maturities of long-term debt 11,000 Mortgages payable 80,000 Bonds payable 70,000 Inventory 30,000 Land and buildings 57,000 Machinery and equipment 125,000 Goodwill 8,000 Patents 10,000 Other assets 50,000 Deferred income taxes (long-term liability) 18,000 Retained earnings 33,000 Accumulated depreciation 61,000 Required Prepare a classified balance sheet in report form. 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

question 2

The following is the balance sheet of Rubber Industries: RUBBER INDUSTRIES Balance Sheet For the Year Ended December 31, 2012 Assets Current assets: Cash $ 50,000 Marketable equity securities 19,000 Accounts receivable, net 60,000 Inventory 30,000 Treasury stock 20,000 Total current assets $179,000 Plant assets: Land and buildings, net 160,000 Investments: Short-term U.S. notes 20,000 Other assets: Supplies 4,000 Total assets $363,000 Liabilities and Stockholders Equity Liabilities: Bonds payable $123,000 Accounts payable 40,000 Wages payable 10,000 Total liabilities $173,000 Stockholders equity: Common stock ($20 par, 20,000 shares authorized, 6,000 shares outstanding) 120,000 Retained earnings 50,000 Redeemable preferred stock 20,000 Total liabilities and stockholders equity $363,000 Required Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticize