Thomson Doughnuts Inc.$$s adjusted trial balance is presented below.

Required:

Prepare a classified balance sheet on December $31,20$X$1$ for Thomson Doughnuts, Inc.

$($Hint: Account categories for several of the items listed are found in parentheses$)$

Thomson Doughnuts, Inc.

Adjusted Trial Balance $($alphabetical order$)$

December $31,20$X$1$

Debits Credits

Accounts and notes receivable $ $27,603$

Accounts payable $ $7,874$

Accrued litigation settlement $($current liability$)86,772$

Accumulated deficit $191,010$

Accumulated other comprehensive income $1,266$

Cash and cash equivalents $36,242$

Common stock $310,942$

Current maturities of long$-$term debt $1,730$

Deferred income taxes $($noncurrent asset$)20$

Deferred income taxes $($current liability$)20$

Depreciation and amortization $21,046$

Direct operating expenses $389,379$

Equity in $($losses$)$ of equity method franchisees $842$

General and administrative expenses $48,860$

Goodwill and other intangible assets $28,934$

Impairment charges and lease termination costs $12,519$

Insurance recovery receivable $($current asset$)34,967$

Page $3$ of $6$

Interest expense $20,334$

Interest income $1,627$

Inventories $21,006$

Investments in equity method franchisees $3,224$

Long$-$term debt, less current maturities $105,966$

Other accrued liabilities $38,474$

Other assets $16,842$

Other current assets $12,000$

Other income $5,105$

Other long$-$term obligations $29,694$

Property and equipment $168,654$

Provision for income taxes $1,211$

Revenues $461,195$

Settlement of litigation $($expense$)15,972$

Totals $ $1,050,665$ $ $1,050,665$