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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Paid salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Paid $8,560 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopkins Inc Stmt Hopkins Bal Sheet Hopkins Cash Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare an income statement for Hopkins CPAS. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue 64,200 Service revenue Expenses Salaries expense (34,240) 29,960 Net income 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 $96.300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash 4. Pald $8,560 cash for operating expenses. Required a. Prepare an Income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Sports Cash Hopkins Hopkins Hopkins Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Prepare a balance sheet for Hopkins CPAs. HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Accounts receivable $ 10,7001 Cash 115,500 $ 126,260 Total assets Liabilities Common stock $ 96,3001 96,300 Total liabilities Stockholders' equity 29,960 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 29.960 $ 126,260 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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64.200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. E Required a. Prepare an Income statement balance 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 Sports Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Cash Prepare a statement of cash flows for Hopkins CPAs. (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 53,500 Cash outflow for salaries 34,240) $ 19,260 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: 96,300 Cash inflow from loan Net cash flow from financing activities 96,300 115,560 Ending cash balance $ 115.5601 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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34.240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. Required a. Prepare an Income statement, balance 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 Sports Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Cash Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year $ 53,500 53,500 Expenses Cost of goods sold Operating expenses (27,820) (8,560) 17,120 $ 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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash. 4. Pald $8,560 cash for operating expenses. Required a. Prepare an Income statement balance 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 Sports Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Cash Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities $ 0 Total abilities Stockholders' Equity Retained earnings 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 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 $96,300 from the bank to start the business. 2. Provided $64,200 of services to clients and collected $53,500 cash. 3. Pald salary expense of $34,240. Data for Sports Clothing 1. Borrowed $96,300 from the bank to start the business. 2. Purchased $64,200 Inventory for cash. 3. Inventory costing $27,820 was sold for $53,500 cash 4. Pald $8,560 cash for operating expenses. Required a. Prepare an Income statement, balance 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 Sports Sports Sports Inc Stmt Bal Sheet Cash Inc Stmt Bal Sheet Cash 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: $ 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 S 0