Intermediate Accounting Accounting Cycle Project Part 2 Cherry & White Bike Company The Cherry & White Bike Company is a small closely-held company with two owners its two owners, Sophia and Jackson, have decided to expand the business. You a CWB's accountant. Your responsibilities include maintaining all accounting records and preparing annual financial statements. Cherry & White Bikes' started on January 2, 2017. CWB's year end is December 31st CWB wants to take out a loan to expand its business in the coming year. The banks and lending institutions require a set of financial statements prepared under U.S. GAAP to evaluate CWB's credit worthiness You must prepare a complete set of financial statements including the notes to the fi- nancial statements for the period ending December 31, 2017. You need to choose CWB's accounting policies and methods for areas including inventory cost flow, reve- nue recognition, and depreciation. You will need to consider the proper classification of assets and liabilities as current and non-current on the balance sheet