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 $35.000 from the bank to start the business. 2. Provided $43,000 of services to clients and collected $43,000 cash. 3. Pald salary expense of $27,500. . Data for Sports Clothing 1. Borrowed $35,000 from the bank to start the business 2. Purchased $32,000 inventory for cash 3. Inventory costing $26,900 was sold for $48,000 cash. 4. Pald $3,800 cash for operating expenses. Required a. Prepare an income statement, batance sheet, and statement of cash flows for each of the companies, Complete this question by entering your answers in the tabs below. Hopkins Hopkins Hopkins Stmt Sports Income Sports Balance Sports Stmt Income stmt balance sheet Cash Flows Sumt Sheet Cash Flows Prepare a statement of cash flows for Sports Clothing, (Cash outflows should be indicated with a minus sign.) Question 1 - FIN Chapter 4 HW - Connect Inbox (12) - amcgee4685@gmail.com -... My Drive - Goog HW i Saved upeicully expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the compa Complete this question by entering your answers in the tabs below. Hopkins Hopkins Hopkins Stmt Sports Income Sports Balance Sports Stmt Income Stmt Balance Sheet Cash Flows Stmt Sheet Cash Flows Prepare an income statement for Hopkins. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue Service revenue $ 43,000 Expenses Salaries expense 27,500 Net income $ 15,500 Hopkins Income Sim Hopkins Balance Sheet > Hopkins Hopkins Income Stmt Balance Sheet Hopkins Stmt Sports Income Sports Balance Sports Stmt Cash Flows Stmt Sheet Cash Flows Prepare a balance sheet for Hopkins, HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Cash $ 50,500 Total assets $ 50,500 Liabilities Notes payable $ 35,000 35,000 Total liabilities Stockholders' equity Retained earnings $ 15,500 Total stockholders' equity Total liabilities and stockholders' equity 15,500 50,500 $ Hopkins Hopkins Hopkins Stmt Sports Income Sports Balance Sports Stmt Income Stmt Balance Sheet Cash Flows Stmt Sheet Cash Flows Prepare a statement of cash flows for Hopkins. (Cash outflows should be indicated with a minus sign.) HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Cash inflow from clients $ 43,000 Cash outflow for salaries (27,500) $ 15,500 Net cash flow from operating activities Cash flows from investing activities: 0 Net cash flow from investing activities Cash flows from financing activities: Net increase in cash $ 35,000 Net cash flow from financing activities Net increase in cash 35,000 50,500 Ending cash balance $ 50,500 Hopkins Hopkins Hopkins Stmt Sports Income Sports Balance Sports Stmt Income Stmt Balance Sheet Cash Flows Stmt Sheet Cash Flows Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Net sales revenue $ 48,000 Cost of goods sold 26,900 21.100 5 Expenses Operating expenses 3,800 17.300 Hopkins Hopkins Income Stmt Balance Sheet Hopkins Stmt Sports Income Sports Balance Sports Stmt Cash Flows Stmt Sheet Cash Flows TE Prepare a statement of cash flows for Sports Clothing, (Cash outflows should be indicated with a minus sign.) SPORTS CLOTHING Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Cash inflow from customers $ 48,000 Cash outflow for expense 3,800 Cash outflow for inventory (32,000) $ 19,800 Net cash flow from operating activities Cash flows from investing activities: 0 Net cash flow from investing activities Cash flows from financing activities: Cash inflow from loan Net cash flow from financing activities 0 19,800 35,000 $ 54,800 Plus: Beginning cash balance Ending cash balance