The following information is available for two different types of businesses for the Year 1 accounting...
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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 $92,700 from the bank to start the business. 2. Provided $61,800 of services to clients and collected $51,500 cash. 3. Paid salary expense of $32,960. Data for Sports Clothing 1. Borrowed $92,700 from the bank to start the business. 2. Purchased $61,800 inventory for cash. 3. Inventory costing $26,780 was sold for $51,500 cash. 4. Paid $8,240 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 Stmt Sheet Hopkins Cash Flows Stmt Prepare a balance sheet for Hopkins CPAs. Assets Accounts receivable Cash Total assets Liabilities Notes payable HOPKINS CPAS Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' equity Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ GA $ Sports Inc Sports Bal Stmt Sheet 10,300 111,240 Answer is not complete. 92,700 28,840 $ 121,540 92,700 28,840 $ 121,540 Sports Cash Flows Stmt Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Stmt Sheet Hopkins Cash Sports Inc Flows Stmt Stmt HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, Year 1 Prepare a statement of cash flows for Hopkins CPAs. Note: Cash outflows should be indicated with a minus sign. Cash flows from operating activities: Cash inflow from clients Cash outflow for salaries Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash outflow for salaries Net cash flow from financing activities Ending cash balance $ SITIVE LUI $ GA 0 0 0 Sports Bal Sheet 0 Sports Cash Flows Stmt Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Stmt Sheet Hopkins Cash Sports Inc Flows Stmt Stmt Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 $ Net sales revenue Cost of goods sold Gross margin Operating expenses Net income $ Answer is not complete. 53,000 X (27,560) 25,440 (8,480) 16,960 Sports Bal Sheet Sports Cash Flows Stmt 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 $92,700 from the bank to start the business. 2. Provided $61,800 of services to clients and collected $51,500 cash. 3. Paid salary expense of $32,960. Data for Sports Clothing 1. Borrowed $92,700 from the bank to start the business. 2. Purchased $61,800 inventory for cash. 3. Inventory costing $26,780 was sold for $51,500 cash. 4. Paid $8,240 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 Stmt Sheet Hopkins Cash Flows Stmt Prepare a balance sheet for Hopkins CPAs. Assets Accounts receivable Cash Total assets Liabilities Notes payable HOPKINS CPAS Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' equity Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ GA $ Sports Inc Sports Bal Stmt Sheet 10,300 111,240 Answer is not complete. 92,700 28,840 $ 121,540 92,700 28,840 $ 121,540 Sports Cash Flows Stmt Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Stmt Sheet Hopkins Cash Sports Inc Flows Stmt Stmt HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, Year 1 Prepare a statement of cash flows for Hopkins CPAs. Note: Cash outflows should be indicated with a minus sign. Cash flows from operating activities: Cash inflow from clients Cash outflow for salaries Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash outflow for salaries Net cash flow from financing activities Ending cash balance $ SITIVE LUI $ GA 0 0 0 Sports Bal Sheet 0 Sports Cash Flows Stmt Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Stmt Sheet Hopkins Cash Sports Inc Flows Stmt Stmt Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 $ Net sales revenue Cost of goods sold Gross margin Operating expenses Net income $ Answer is not complete. 53,000 X (27,560) 25,440 (8,480) 16,960 Sports Bal Sheet Sports Cash Flows Stmt
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Income Statement for Hopkins CPAs Revenue Services Provided 61800 Expenses Salary Expense 32960 Net ... View the full answer
Related Book For
Introductory Financial Accounting For Business
ISBN: 9781260575309
2nd Edition
Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds, Philip Olds
Posted Date:
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