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

Borrowed $$99,000$ from the bank to start the business.

Provided $$66,000$ of services to clients and collected $$55,000$ cash.

Paid salary expense of $$35,200.$

Data for Sports Clothing

Borrowed $$99,000$ from the bank to start the business.

Purchased $$66,000$ inventory for cash.

Inventory costing $$28,600$ was sold for $$55,000$ cash.

Paid $$8,800$ 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

Sports Bal

Sports Cash

Stmt

Sheet

Flows Stmt Stmt

Sheet

Flows Stmt

Prepare an income statement for Hopkins CPAs.

HOPKINS CPAs

Income Statement

For the Year Ended December $31,$ Year $1$

$2$ of $13$

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