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 $92,700 from the bank to start the business. 2. Provided $61,800 of services to clients and collected $51,500 cash. 3. Paid salary expense of $32,960. Data for Sports Clothing 1. Borrowed $92,700 from the bank to start the business. 2. Purchased $61,800 inventory for cash. 3. Lnventory costing $26,780 was sold for $51,500 cash. 4. Waid $8,240 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 CPAs. Dranara a halanea chant far Honline CDAe Prepare a statement of cash flows for Hopkins CPAs. (Cash outflows should be indicated with a minus sign.) Prepare an income statement for Sports Clothing. Prepare a balance sheet for Sports Clothing. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ SPORTS CLOTHING } & \\ \multicolumn{2}{|c|}{ As of December 31, Year 1} & \\ \hline Assets & & \\ \hline & & \\ \hline & & $ \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular} Prepare a statement of cash fiows for Sports Clothing. (Cash outflows should be indicated with a minus sign.)