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Prenare a halance sheet for Honkins CPAs. Prepare a statement of cash flows for Sports Clothing. Prepare a balance sheet for Sports Clothing. The following
Prenare a halance sheet for Honkins CPAs. Prepare a statement of cash flows for Sports Clothing. Prepare a balance sheet for Sports Clothing. The following information is avaliable for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to smail businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hophins CPAs 1. Borrowed $100,800 from the bank to start the business 2. Provided $67,200 of services to clients and collected $56,000 cash. 3. Paid salary expense of $35,840 Data for Sports Clothing 1. Borrowed $100,800 from the bank to start the business. 2. Purchased $67,200 inventory for cash. 3. Inventory costhe $29,120 was sold for $56,000 cash: 4. Paid $8,960 cash for operating expenses: Prepare a statement of cash flows for Hopkins CPAs. Prepare an income statement for Hopkins CPAs. Prepare an income statement for Sports Clothing
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