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The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that
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. Date for Sports Clothing 1. Borrowed $92.700 from the bank to start the business 2. Purchased $61,800 inventory for cash. 3. Inventory costing $26.780 was sold for $51,500 cash. 4. Paid $8,240 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. bu untering your answers in the tabs below.
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