The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a serv business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clo to college students. Data for Hopkins CPAs 1. Borrowed $93,600 from the bank to start the business. 2. Provided $62,400 of services to clients and collected $52,000 cash. 3. Paid salary expense of $33,280. Data for Sports Clothing 1. Borrowed $93,600 from the bank to start the business. 2. Purchased $62,400 inventory for cash. 3. Inventory costing $27,040 was sold for $52,000 cash. 4. Paid $8,320 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Sales discounts $ 52,000 eBook Print References Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Stmt Sheet Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 $ 0 0 $ 0 < Sports Inc Stmt Sports Cash Flows Stmt > Activate Win a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Book + Hopkins Inc Stmt Hopkins Bal Hopkins Cash Sheet Flows Stmt Sports Inc Sports Bal Stmt Sheet Sports Cash Flows Stmt rint rences 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: Net cash flow from operating activities $ Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance 0 0 $ 0 < Sports Bal Sheet Sports Cash Flows Stmt > Activate Windows