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 $46,000 from the bank to start the business. 2. Provided $36,000 of services to clients and collected $36,000 cash. 3. Paid salary expense of $23,000. Data for Sports Clothing 1. Borrowed $46,000 from the bank to start the business. 2. Purchased $25,000 inventory for cash. 3. Inventory costing $21,000 was sold for $38,000 cash. 4. Paid $3,000 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Prepare an income statement for Hopkins. Prepare a balance sheet for Hopkins. Note: Cash outflows should be indicated with a minus sign. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ HOPKINS CPAs } & \\ \hline \multicolumn{1}{|c|}{ Statement of Cash Flows } & \\ \hline Cash flows from operating activities: & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & $ \\ \hline Cash flows from investing activities: & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline Ending cash balance & & \\ \hline \hline \end{tabular} Prepare an income statement for Sports Clothing. Prepare a balance sheet for Sports Clothing. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ SPORTS CLOTHING } & \multicolumn{1}{c|}{ Balance Sheet } & \\ \hline \multicolumn{1}{|c|}{ As of December 31, Year 1 } & \\ \hline Assets & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline \end{tabular} Prepare a statement of cash flows for Sports Clothing. Nnte. Cach nutflnwe chnuld he indirated with a mins cion