Question: Still says answer is incomplete... can someone please solve and explain The following information is available for two different types of businesses for the Year






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 $90,900 from the bank to start the business. 2. Provided $60,600 of services to clients and collected $50,500 cash. 3. Paid salary expense of $32,320. Data for Sports Clothing 1. Borrowed $90,900 from the bank to start the business. 2. Purchased $60,600 inventory for cash. 3. Inventory costing $26,260 was sold for $50,500 cash. 4. Paid $8,080 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Prepare a balance sheet for Hopkins CPAs. Prepare an income statement for Hopkins CPAS. Prepare a statement of cash flows for Hopkins CPAs. (Cash outflows should be indicated with a minus sign.) Prepare an income statement for Sports Clothing. Prepare a balance sheet for Sports Clothing. Prepare a statement of cash flows for Sports Clothing. (Cash outflows should be indicated with a minus sign.)
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