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 tradenames including Lance. Toastchee, Toasty, Choc-O-Lunch, Captain's Wafers, and Cape Cod. Presented here are the items listed on its recent balance sheet (in millions) presented in alphabetical order:

Required: 1. Prepare a classified consolidated balance sheet for Lance. Inc., for the current year (ended December 3 1 ) using the categories presented in the chapter. 2. Four of the items end in the term net. Explain what this term means in each case.

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Accounts payable Accounts receivable.net Accrued compensation Accrued postretirement health care costs $ 14,718 47.188 8,844 11.317 Accumulated other comprehensive income (loss) (116) Additional paid-in capital Cash and cash equivalents Common stock. 28,947,222 shares outstanding Current portion of long-term debt 1.229 1.224 24.123 395 Deferred income taxes (current) Deferred income taxes (noncurrent) Goodwill, net Inventories Long-term debt 4,161 debit 21.548 credit 42.069 23,205 63.536 Other assets (noncurrent) 3.216 Other intangible assets, net 10.177 Other payables and accrued liabilities 15.439