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

Borrowed $$44,000$ from the bank to start the business.

Provided $$34,000$ of services to clients and collected $$34,000$ cash.

Paid salary expense of $$21,800.$

Data for Sports Clothing

Borrowed $$44,000$ from the bank to start the business.

Purchased $$23,000$ inventory for cash.

Inventory costing $$19,300$ was sold for $$35,000$ cash.

Paid $$2,800$ 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 Income

Hopkins

Hopkins Statement

Balance Sheet Statement

Sports Income

Sports Balance

Sports Cash Flows Statement Sheet Statement Cash Flows

Prepare a balance sheet for Hopkins.

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