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 $95,400 from the bank to start the business.

2. Provided $63,600 of services to clients and collected $53,000 cash.

3. Paid salary expense of $33,920.

Data for Sports Clothing

1. Borrowed $95,400 from the bank to start the business.

2. Purchased $63,600 inventory for cash.

3. Inventory costing $27,560 was sold for $53,000 cash.

4. Paid $8,480 cash for operating expenses.

Required

1. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.

Complete this question by entering your answers Hopkins Inc Stmt Hopkins Bal Sheet Hopkins Cash Flows Stmt Sports Inc Stmt Prepare an income statement for Hopkins CPAS. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue Service revenue $ 63.600 Expenses Salaries expense (33.920) Net income $ 29,680 Honk nine SIA Answer is not comple Complete this question by entering your answers in the tabs belov Hopkins Inc Stmt Hopkins Bal Sheet Hopkins Cash Flows Stmt Sports Inc Stmt Sports Bal Sheet Sp Flo Prepare a balance sheet for Hopkins CPAs. HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Cash $ 114.480 Total assets $ 114.480 Liabilities Notes payable 95.400 Total liabilities 95 400 Stockholders' equity Retained earnings $ 29 680 Total stockholders equity Total liabilities and stockholders equity 29,680 125,080 $ Hopkins Inc Strnt Hopkins Ca