Snyders-Lance manufactures, markets, and distributes a variety of snack food products including pretzels, sandwich crackers, kettle chips,

Snyder’s-Lance manufactures, markets, and distributes a variety of snack food products including pretzels, sandwich crackers, kettle chips, cookies, potato chips, tortilla chips, other salty snacks, sugar wafers, nuts, and restaurant style crackers. These items are sold under trade names including Snyder’s of Hanover, Lance, Cape Cod, Krunchers!, Jays, Tom’s, Archway, and others. Presented here are the items listed on its recent balance sheet (dollars in millions) in alphabetical order:

Required:
1. Prepare a classified consolidated balance sheet for Snyder’s-Lance for the current year (ended December 31) using the categories presented in the chapter.
2. Three of the items end in the term net. Explain what this term means in eachcase.

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52,930 143,238 29,248 730,338 20,841 S 21,804 96,983 376,062 219,114 Other assets (noncurrent) Accounts payable Accounts receivable, net Accrued compensation Additional paid-in capital Cash and cash equivalents Common stock, 67,820,798 shares Other current assets Other intangible assets, net Other long-term liabilities Other payables and accrued 68,712 20,705 367,853 Property, plant, and equipment, net 313,043 51,738 4,256 liabilities outstanding Goodwill Inventories Long-term debt 56,515 Prepaid expenses and other 106,261 Retained earnings 253,939Short-term debt