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………………………………$ 60,000Wages...

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. View Solution:

Tree Top Restaurants Ltd a chain that has several restaurants