2 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 7.69 points 1. Borrowed $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Cash Hopkins Hopkins Hopkins Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Prepare an income statement for Hopkins CPAs. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue 64,200 Service revenue Expenses Salaries expense Net income (34.2409 29.960 Hopkins Inc Stmt Hopkins Bal Sheet > 2 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 7.69 points 1. Borrowed $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Paid salary expense of $34.240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64.200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash 4. Pald $8,560 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Cash Hopkins Hopkins Hopkins Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Prepare a balance sheet for Hopkins CPAs. HOPKINS CPA Balance Sheet As of December 31, Year 1 Assets Accounts receivable $ 10,700 Cash $ 126,260 Total assets Liabilities Retained earnings X $ 96,300 96,300 Total liabilities Stockholders' equity 29,960 Total stockholders' equity Total liabilities and stockholders' equity Hopkins Inc Stmt 29,960 126,260 Hopkins Cash Flows Stmt> 2 7.69 points 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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34.240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64.200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Hopkins Hopkins Sports Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Cash Prepare a statement of cash flows for Hopkins CPAS. (Cash outflows should be indicated with a minus sign.) HOPKINS CPA Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Cash inflow from clients $ 53,500 Cash outflow for salaries (34.240 $19,260 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash inflow from loan Net cash flow from financing activities 96,300 96,300 115,560 Ending cash balance S 115,560 2 7.69 points 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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34.240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64.200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. Required a. Prepare an Income statement, balance sheet, and statement of cash flows for each of the companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Cash Hopkins Hopkins Hopkins Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 $ 53,500 53,500 Expenses Cost of goods sold Operating expenses (27,8201 (8,5607 $ 17,120 2 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 7.69 points 1. Borrowed $96.300 from the bank to start the business. 2. Provided $64.200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64.200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. Required a. Prepare an Income statement, balance sheet, and statement of cash flows for each of the companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Cash Hopkins Hopkins Hopkins Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets S 0 Total assets Liabilities S 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity S 0 0 2 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 7.69 points 1. Borrowed $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash 4. Pald $8,560 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Sports Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Hopkins Hopkins Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Cash Prepare a statement of cash flows for Sports Clothing. (Cash outflows should be indicated with a minus sign.) SPORTS CLOTHING Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: S 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 0 Ending cash balance IS 0