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 $90,000 from the bank to start the business, 2. Provided $60,000 of services to clients and collected $50,000 cash. 3. Pald salary expense of $32,000. Data for Sports Clothing 1. Borrowed $90,000 from the bank to start the business. 2. Purchased $60,000 inventory for cash 3. Inventory costing $26,000 was sold for $50,000 cash 4. Paid $8,000 cash for operating expenses. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue Expenses HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 0 Ending cash balance $ 0 SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 0 Expenses $ 0 SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 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: 0 Net cash flow from financing activities 0 0 Ending cash balance $ 0