The following information is available for a businesses for the Year 1 accounting year. Hopkins CPAs is
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Question:
The following information is available for a businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses.
Data for Hopkins CPAs
Borrowed $92,700 from the bank to start the business.
Provided $61,800 of services to clients and collected $51,500 cash.
Paid salary expense of $32,960.
Required
Prepare an income statement, balance sheet, and statement of cash flows
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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