Explain balance sheet ideas to a business executiveYou are the executive assistant to Stephane Solden, a particularly hard-driving and successful owner of a chainof restaurants. Not long ago, Solden and you were flying to another city, and the inflight film was so bad thetwo of you ended up talking about all sorts of things. One subject was Soldens impatience with accountantsand accounting which, probably because the annual audit of the companys accounts was then taking place,seemed particularly strong. How would you respond to the following questions from Solden?1The main thing that sticks in my mind about the balance sheet is that the thing balances! Who cares? Whyshould it matter?2My auditor keeps wanting to talk to me about what the balance sheet says about the companys financesand how Ive managed them. But I always look to the futurewhy should I care about the balance sheetwhen its just asnapshotof history?3Last year, I had a really good idea about the balance sheet. You know, I consider our restaurant managersto be the most important asset the company has. I was going to have the managers added to the balancesheet as assets, so it would show all our assets. But the accountants and auditors didnt seem interested inmy idea. Why not?Required:Classify each item as it would be reported on a balance sheet using the following categories: current asset,noncurrent asset, current liability, noncurrent liability and shareholdersequity.