Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts belonging to each category of financial statement elements. The appropriate debit/credit terminology has been identified for the first category (assets) as an example. Category of Elements Assets Liabilities Common Stock Retained Earnings Revenue Expense Dividends Used to Increase This Element Debit Used to Decrease This Element Credit

Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Hopkins CPAs. (Cash outflows should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Sports Clothing. Complete this question by entering your answers in the tabs below. Prepare an income statement for Hopkins CPAs. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Sports Clothing. (Cash outflows should be indicated with a minus sig Complete this question by entering your answers in the tabs below. Prepare an income statement for Sports Clothing. The following information is avallable 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 $90,000 from the bank to start the business. 2. Provided $50,000 of services to cllents and collected $50,000 cash. 3. Paid satary 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. Paild $8,000 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. Prepace an income statement for Hopkinis CDAs. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Hopkins CPAs