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.

$\backslash$table$[[\backslash$table$[[$Hopkins$],[$Income$],[$Statement$]],\backslash$table$[[$Hopkins$],[$Balance Sheet$]],\backslash$table$[[$Hopkins$],[$Statement$],[$Cash Flows$]],\backslash$table$[[$Sports Income$],[$Statement$]],\backslash$table$[[$Sports Balance$],[$Sheet$]],\backslash$table$[[$Sports$],[$Statement$],[$Cash Flows$]]]]$

Prepare an income statement for Hopkins.

$\backslash$table$[[$HOPKINS CPAs$],[$Income Statement$],[$For the Year Ended December $31,$ Year $1,],[$Revenue$,],[,],[,],[$Expenses$,],[,],[,$$