BIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 The following information is available for two different types of businesses for the 2018 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. 0.67 points Data for Hopkins CPAs 1. Borrowed $90,000 from the bank to start the business. 2. Provided $60,000 of services to clients and collected $50,000 cash. 3. Paid salary 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. Paid $8,000 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Mc Graw Hill EducationBIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Stmt Sports Inc Sports Bal Sports Stmt Stmt Sheet CF Stmt Sheet CF 0.67 points Prepare an income statement for Hopkins CPAs. HOPKINS CPAs Income Statement For the Year Ended December 31, 2018 Revenue Service revenue $ 60,000 Expenses Salaries expense V (32,000) $ 28,000 EducationBIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Hopkins Inc Hopkins Bal Hopkins Stmt Sports Inc Sports Bal Sports Stmt Stmt Sheet CF Stmt Sheet CF 0.67 Prepare a balance sheet for Hopkins CPAs. points HOPKINS CPAS Balance Sheet As of December 31, 2018 Assets Cash 108,000 Accounts receivable 10,000 Total assets $ 118,000 Liabilities Notes payable $ 90,000 Total liabilities 90,000 Stockholders' equity Retained earnings $ 28,000 Total stockholder 28,000 Mc Graw Hill 2 of 3 Next > EducationBIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 H IVPAINIS HILL I IUPRIIIS Ual HIVPRIIS SWIRL SPOILS HILL SPUILS JUIIIL Stmt Sheet CF Stmt Sheet CF Prepare a statement of cash flows for Hopkins CPAs. (Amount to be deducted should be indicated with a minus sign.) 0.67 HOPKINS CPAS points Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash inflow from clients $ 50,000 Cash outflow for salaries (32,000) Net cash flow from operating activities $ 18,000 Cash flows from investing activities Cash flows from financing activities: Cash inflow from loan $ 90,000 Net cash flow from financing activities 90,000 Net increase in cash 108,000 Plus: Beginning cash balance Ending cash balance $ 108,000 Mc Graw Hill EducationBIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2 Return to question Hopkins Inc Hopkins Bal Hopkins Stmt Sports Inc Sports Bal Sports Stmt Stmt Sheet CF Stmt Sheet CF Prepare an income statement for Sports Clothing. 0.67 SPORTS CLOTHING points Income Statement For the Year Ended December 31, 2018 Net sales revenue $ 50,000 Cost of goods sold (26,000) Gross margin 24,000 Expenses Operating expenses (8,000) Net income $ 16,000 Hopkins Stmt CF Sports Bal Sheet Mc Graw Hill Education BIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 SPORTS CLOTHING Balance Sheet As of December 31, 2016 0.67 points Assets Cash 82,000 Merchandise inventory 24,000 Total assets $ 106,000 Liabilities Notes payable $ 90,000 Total liabilities $ 90,000 Stockholders' Equity Retained $ 16,000 Total stockholders' equity 16,000 Total liabilities and stockholders' equity $ 106,000 Sports Inc Stmt Sports Stmt CF > Mc Graw Hill 2 of 3 Next > EducationBIO219 - Group 5 - X CONNECT - Chapte X Midterm 1Spring201 X Equations X Midterm1Spring201 X C Solved: The Followi X *1281-B-M-A-P-P(4 X + newconnect.mheducation.com/flow/connect.html ABP 4 W. NP Apps DrexelOne BB Learn Mail - ar3558@dre... Introductory Physic... Sapling Music Drexel Zoom Other Bookmarks CONNECT - Chapter 3 homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 SPORTS CLOTHING Statement of Cash Flows For the Year Ended December 31, 2016 0.67 Cash flows from operating points activities: Cash outflow for inventory $ (50,000) Cash inflow from customers 50,000 Cash outflow for expense O (8,000) Net cash flow from operating activities $ (8,000) Cash flows from investing activities Cash flows from financing activities Cash inflow from loan $ 90,000 Net cash flow from financing activities 90,000 Net increase in cash V 82,000 Plus: Beginning cash balance V Ending cash balance $ 82,000 Mc Graw Hill 2 of 3 Next > Education