1. Borrowed $90,000 from the bank to start the business. 2. Provided $50,000 of services to...

 

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1. Borrowed $90,000 from the bank to start the business. 2. Provided $50,000 of services to clients and collected $50,000 cash. 3. Paid salary expense of $32,000. Data for Sports Clothing 1. Borrowed $90,000 from the bank to start the business. 2. Purchased $50,000 inventory for cash. 3. Inventory costing $26,000 was sold for $50,000 cash. 4. Paid $8,000 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each Complete this question by entering your answers in the tabs below. Hopkins Income Statement Hopkins Balance Sheet Hopkins Statement Cash Flows Sports Income Sports Balance Statement Sports Statement Sheet Cash Flows Prepare a statement of cash flows for Hopkins. Note: Cash outflows should be indicated with a minus sign. HOPKINS CPAs Statement of Cash Flows For Year Ended December 31, Year 1 Cash flows from operating activities: Cash inflow from clients Cash outflow for salaries Net cash flow from operating activities $ 50,000 (32,000) $ EA 18,000 1. Borrowed $90,000 from the bank to start the business. 2. Provided $50,000 of services to clients and collected $50,000 cash. 3. Paid salary expense of $32,000. Data for Sports Clothing 1. Borrowed $90,000 from the bank to start the business. 2. Purchased $50,000 inventory for cash. 3. Inventory costing $26,000 was sold for $50,000 cash. 4. Paid $8,000 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each Complete this question by entering your answers in the tabs below. Hopkins Income Statement Hopkins Balance Sheet Hopkins Statement Cash Flows Sports Income Sports Balance Statement Sports Statement Sheet Cash Flows Prepare a statement of cash flows for Hopkins. Note: Cash outflows should be indicated with a minus sign. HOPKINS CPAs Statement of Cash Flows For Year Ended December 31, Year 1 Cash flows from operating activities: Cash inflow from clients Cash outflow for salaries Net cash flow from operating activities $ 50,000 (32,000) $ EA 18,000