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 $90,000 from the bank to start the business. 2. Provided $60,000 of services to clients and collected $50,000 cash. 3. Pald salary expense of $32,000. Data for Sports Clothing 1. Borrowed $90,000 from the bank to start the business. 2. Purchased $60,000 Inventory for cash. 3. Inventory costing $26,000 was sold for $50,000 cash. 4. Pald $8,000 cash for operating expenses. Required a. Prepare an Income statement, balance sheet, and statement of cash flows for each of the companles. Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Bal Sheet Sports Cash Flows Stmt Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Prepare an income statement for Hopkins CPAs. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue Service revenue 60,000 Expenses Salaries expense 32,000 28.000 Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Stmt Sheet Flows Stmt Prepare a balance sheet for Hopkins CPAs. Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Cash S 108,000 s 108,000 Total assets Liabilities Notes payable S 90,000 Total liabilities 90.000 Stockholders' equity Retained earnings S 18,000 Total stockholders' equity Total liabilities and stockholders' equity 18,000 108,000 S Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Sports Bal Sports Cash Stmt Sheet Flows Stmt Stmt Sheet Flows Stmt Prepare a statement of cash flows for Hopkins CPAs. (Cash outflows should be indicated with a minus sign.) HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Cash inflow from clients $ 50,000 Cash outflow for salaries (32.000) $ 18,000 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 18,000 90,000 $ 108,000 Ending cash balance Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Bal Sheet Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Prepare an income statement for Sports Clothing. Sports Cash Flows Stmt SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 0 Expenses S 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Sports Bal Sheet Sports Cash Flows Stmt Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets s 0 Total assets Liabilities Total liabilities S 0 Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity S 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Sports Bal Sports Cash Stmt Sheet Flows Stmt Stmt Sheet Flows Stmt 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 olo 0 Ending cash balance 0
