Sports Clothing is a merchandising business that sells sports clothing to college students.

Data for Sports Clothing

Borrowed $90,000 from the bank to start the business.

Purchased $60,000 inventory for cash.

Inventory costing $26,000 was sold for $50,000 cash.

Paid $8,000 cash for operating expenses.

Prepare an income statement for Sports Clothing. Prepare a balance sheet for Sports Clothing. Prepare a statement of cash flows for Sports Clothing. Note: Cash outflows should he indicated with a minus sinn