Tree Top Restaurants Ltd., a chain that has several restaurants in cities across Canada, had the following account balances at December 31, 2011:
Retained earnings………………………………$ 60,000
Wages payable…………………………………. 10,000
Accounts receivable……………………………. 90,000
Bank loan (due in five years)…………………... 250,000
Buildings……………………………………….. 260,000
Accumulated depreciation on buildings……….. 30,000
Accounts payable………………………………. 82,000
Prepaid insurance………………………………. 8,000
Share capital……………………………………. 200,000
Cash……………………………………………. 53,000
Land……………………………………………. 100,000
Taxes payable…………………………………... 5,000
Inventory……………………………………….. 46,000
Furniture and equipment……………………….. 90,000
Accumulated depreciation on
furniture and equipment………………………… 10,000
Required:
Prepare a classified statement of financial position for Tree Top Restaurants Ltd. for December 31, 2011.