The following information is available for two different types of businesses for the Year 1 accounting year.
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Question:
The following information is available for two different types of businesses for the Year accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students.
Data for Hopkins CPAs
Borrowed $ from the bank to start the business.
Provided $ of services to clients and collected $ cash.
Paid salary expense of $
Data for Sports Clothing
Borrowed $ from the bank to start the business.
Purchased $ inventory for cash.
Inventory costing $ was sold for $ cash.
Paid $ cash for operating expenses.
Required:
a Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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