Blimpy's Doughnuts, Inc.'s adjusted trial balance appears below. Please do not be confused by the debit and credit columns. They are symbolic of the fact that assets and expenses normally have debit balances and liabilities, equities, and revenues or income have credit balances.

Required:

Prepare a classified balance sheet at December 31, 2019 for Blimpy's. Hint: Account categories for several of the items listed are found in parentheses. You do not use all of these accounts on a balance sheet

 

Adjusted Trial Balance (alphabetical order) December 31, 2019 Accounts and notes receivable Accounts payable Accrued litigation settlement (current liability) Accumulated deficit Accumulated other comprehensive income Cash and cash equivalents Common stock Current maturities of long-term debt Deferred income taxes (noncurrent asset) Deferred income taxes (current liability) Depreciation and amortization Direct operating expenses Equity in (losses) of equity method franchisees General and administrative expenses Goodwill and other intangible assets Impairment charges and lease termination costs Insurance recovery receivable (current asset) Interest expense Interest income Inventories Investments in equity method franchisees Long-term debt, less current maturities Other accrued liabilities Other assets Other current assets Other income Other long-term obligations Property and equipment Provision for income taxes Revenues Settlement of litigation (expense) Totals Debits $ 27,603 191,010 36,242 20 21,046 389,379 842 48,860 28,934 12,519 34,967 20,334 21,006 3,224 16,842 12,000 168,654 1,211 15,972 $ 1,050,665 $ Credits 7,874 86,772 1,266 310,942 1,730 20 1,627 105,966 38,474 5,105 29,694 461,195 $ 1,050,665