Homework #4 (continued)
Chapter 5 Problems
E5-1 Matching Players in the Accounting Communication Process with Their
Match each player with the related definition by entering the appropriate letter in the
Adviser who analyzes financial and other economic information to form forecasts and
Financial institution or supplier that lends money to the company.
Chief executive officer and chief financial officer who have primary responsibility for the
information presented in financial statements.
Independent CPA who examines financial statements and attests to their fairness.
Securities and Exchange Commission, which regulates financial disclosure requirements.
A company that gathers, combines, and transmits (paper and electronic) financial and
related information from various sources.
Individual who purchases shares in companies.
Manager of pension, mutual, and endowment funds that invests on the behalf of others.
CEO and CFO
E5-6 Preparing and Interpreting a Classified Balance Sheet with Discussion of
Terminology (Challenging) LO3
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:
Accounts receivable, net
47,600 Long-term debt
8,700 Other assets (noncurrent)