Question

Lance-Snyder 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. Presented here are the items listed on a simplified version of its recent balance sheet (dollars in millions) in alphabetical order: Accounts payable Accounts receivable, net Accrued compensation Additional paid-in capital Cash and cash equivalents Common stock, 67,820,798 shares outstanding Goodwill Inventories Long-term debt $ 99,039 211,723 44,715 1,599,858 32,609 80,499 1,318,362 171,756 1,249,459 Other assets (noncurrent) Other current assets Other intangible assets, net Other long-term liabilities other payables and accrued liabilities Prepaid expenses and other Property, plant, and equipment, net Retained earnings Short-term debt $ 47,673 140, 259 1,373,400 415,694 98,503 30,910 508,368 197, 293 50,000 Required: 1. Prepare a classified consolidated balance sheet for Lance-Snyder for the current year (ended December 31). (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) LANCE-SNYDER Consolidated Balance Sheet (in millions) Assets Current Assets: Total assets Liabilities and Stockholders' Equity Current liabilities: Total current liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity

Answer 1

Answer:

LANCE-SNYDER
Consolidated Balance Sheet
December 31
(in millions)
Assets
Current Assets:
Cash and Cash equivalents	$32,609
Accounts receivable, net	$211,723
Inventories	$171,756
Prepaid expenses and other	$30,910
Other current assets	$140,259
Total current assets	$587,257
Property,plant,and equipment, net	$508,368
Intangible assets:
Goodwill	$1,318,362
Other intangible assets,net	$1,373,400
Total intangible assets	$2,691,762
Other assets	$47,673
Total Assets	$3,835,060
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$99,039
Accrued compensation	$44,715
Other payable and accrued liabilities	$98,503
Short-term debt	$50,000
Total current liabilities	$292,257
Long-term debt	$1,249,459
Other long-term liabilities	$415,694
Total long-term debt	$1,957,410
Stockholders' equity:
Common stock	$80,499
Additional paid-in capital	$1,599,858
Retained earnings	$197,293
Total stockholders' Equity	$1,877,650
Total liabilities and stockholders' Equity	$3,835,060