The following information is available for two different types of businesses for the Year1 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. Inventory costing $26,780 was sold for $51,500 cash. 4. Paid $8,240 cash for operating expenses. Required: 3. Prepare an income statement, balance sheet. and statement of cash flows for each of the companies. Accounts payable Accounts receivable Advertising expense CashCommon stock Consulting revenue Cost of goods sold Gain on sale of land Interest expenseInterest receive - Interest revenue Land Merchandise inventory I Miscellaneous expense Notes payable Notes payable Rent expense Retained earnings Salaries expense Sales discounts Sales returns and allowancesSales discounts Sales returns and allowances Sales revenue Transportationout Util'lties expense Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Sports Bal Sports Cash Stmt Sheet Flows Stmt Stmt Sheet Flows Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Cash Merchandise inventory Total assets 0 Liabilities Total liabilities 0 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity OHopkins Inc Hopkins Bal Hopkins Cash Sports Inc Sports Bal Sports Cash Stmt Sheet Flows Stmt Stmt Sheet Flows Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Cash Merchandise inventory Total assets 0 Liabilities Total liabilities 0 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity OCash inflow from customers Cash inflow from expense Cash inflow from inventory Cash inflow from loan Cash outflow for customers Cash inflow from loan Cash outflow for customers Cash outflow for expenses Cash outflow for inventory Cash outflow for loan