Lance, Inc., manufactures, markets, and distributes a variety of snack foods. Product categories include sandwich crackers, cookies, restaurant crackers and bread basket items, candy, chips, meat snacks, nuts, and cake items. These items are sold under trade names including Lance, Toastchee, Toasty, Choc- O-Lunch, Captain€™s Wafers, and Cape Cod. 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 Lance, Inc., for the current year (ended December 31) using the categories presented in the chapter.
2. Four of the items end in the term net. Explain what this term means in eachcase.

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Accounts payable Accounts receivable, net Accrued compensation Accrued postretirement health S14,718 nventories 23,205 63,536 3,216 4,161 10,177 28,231 47,188 Long-term debt 8,844 care costs Additional paid-in capital Cash and cash equivalents Common stock, 28,947,222 shares 11,317 1.229 1.224 Other assets (noncurrent) Other current assets Other intangible assets, net Other long-term liabilities Other payables and accrued 15,439 6,550 179.283 149.241 liabilities outstanding Current portion of long-term debt Goodwill, net 24,123 Prepaid expenses and other 395 Property, plant, and equipment, ne 42,069 Retained earnings