The following information is available for a businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. 

Data for Hopkins CPAs

Borrowed $92,700 from the bank to start the business.

Provided $61,800 of services to clients and collected $51,500 cash.

Paid salary expense of $32,960.

Required

Prepare an income statement, balance sheet, and statement of cash flows 

 

Prepare a balance sheet for Hopkins CPAs. Assets Cash Accounts receivable Total assets Liabilities Notes payable Total liabilities Stockholders' equity Retained earnings HOPKINS CPAS Balance Sheet As of December 31, Year 1 Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ 111,240 0 92,700 0 28,840 0 $ $ 111,240 92,700 28,840 121,540