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2. Below is the post-closing trial balance for Chaucer Cleaners, a sole proprietorship operating a laundry business. Use these numbers as the beginning balances for
2. Below is the post-closing trial balance for Chaucer Cleaners, a sole proprietorship operating a laundry business. Use these numbers as the beginning balances for the year. Chaucer Cleaners Post-Closing Trial Balance December 31, 2014 Cr. Dr. 15,000 10,000 12,000 46,000 Cash Accounts Receivable Supplies Inventory Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long-Term Bank Note Payable Ferd Berful, Capital 20,000 11,000 4,000 25,000 23,000 83,000 83,000 On the next page you will find the adjusted trial balance for the year ending December 31, 2015, for Chaucer Cleaners. Using these data, please prepare an income statement, a statement of owners equity, a classified balance sheet, and a statement of cash flows, all in good form, including headings, on the pages provided. In preparing the statement of cash flows, use the indirect method only. Chaucer Cleaners Adjusted Trial Balance December 31, 2015 Cr. Cash Dr. 6,000 14,000 40,000 2,000 46,000 Accounts Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Unearned Revenues Long-Term Bank Note Payable Ferd Berful, Capital Ferd Berful, Withdrawals Sales Operating Expenses Selling and Admin. Expenses Interest Expense Depreciation Expense 22,000 9,000 5,000 25,000 23,000 u 4,000 61,000 24,000 5,000 2,000 2.000 145,000 145,000 Put income statement here: Put statement of owners equity here: Put balance sheet here: Put statement of cash flows (indirect method) here
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