k ces The following information is available for two different types of businesses for the Year...

 

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k ces The following information is available for two different types of businesses for the Year 1 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 1. Borrowed $102,600 from the bank to start the business. 2. Provided $68,400 of services to clients and collected $57,000 cash. 3. Paid salary expense of $36,480. Data for Sports Clothing 1. Borrowed $102,600 from the bank to start the business. 2. Purchased $68,400 inventory for cash. 3. Inventory costing $29,640 was sold for $57,000 cash. 4. Paid $9,120 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Stmt Sheet Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare an income statement for Hopkins CPAs. HOPKINS CPAs Income Statement For the Year Ended December 31, Year 1 0 < Hopkins Inc Stmt Hopkins Bal Sheet k ces The following information is available for two different types of businesses for the Year 1 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 1. Borrowed $102,600 from the bank to start the business. 2. Provided $68,400 of services to clients and collected $57,000 cash. 3. Paid salary expense of $36,480. Data for Sports Clothing 1. Borrowed $102,600 from the bank to start the business. 2. Purchased $68,400 inventory for cash. 3. Inventory costing $29,640 was sold for $57,000 cash. 4. Paid $9,120 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Stmt Sheet Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare an income statement for Hopkins CPAs. HOPKINS CPAs Income Statement For the Year Ended December 31, Year 1 0 < Hopkins Inc Stmt Hopkins Bal Sheet