The following Information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPA 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 $101,700 from the bank to start the business. 2. Provided $67,800 of services to clients and collected $56,500 cash. 3. Pald salary expense of $36,160 Data for Sports Clothing 1. Borrowed $101,700 from the bank to start the business. 2. Purchased $67,800 Inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash. 4. Paid $9,040 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 Bal Sheet Sports Cash Flows Stmt Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Prepare an income statement for Hopkins CPAS. HOPKINS CPA Income Statement For the Year Ended December 31, Year 1 Revenue Service revenue $ 67,800 Expenses Salaries expenso 36,160 $ 31,640 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 $101,700 from the bank to start the business. 2. Provided $67,800 of services to clients and collected $56,500 cash 3. Pald salary expense of $36,160. Data for Sports Clothing 1. Borrowed $101,700 from the bank to start the business. 2. Purchased $67,800 Inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash. 4. Pald 59,040 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 Hopkins Cash Sheet Flows Stmt Sports Inc Start Sports Bar Sheet Sports Cash Flows Semt Prepare a balance sheet for Hopkins OPAS. HOPKINS CPAS Balance Sheet As of December 31. Year 1 Assets Cash $ 122.040 Accounts receivable 11.300 $ 133 340 Total assets Liabilities Notes payable $ 101.700 101,700 Total liabilities Stockholders' equity Retained eaminge $ 31,640 Total stockholders' equity Total liabilities and stockholders' equity 31.640 133 340 s 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 $101700 from the bank to start the business, 2. Provided $67,800 of services to clients and collected $56,500 cash. 3. Pald salary expense of $36,160. Data for Sports Clothing 1. Borrowed $101700 from the bank to start the business. 2. Purchased $67,800 inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash. 4. Pald $9.040 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. Sheet Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Sports Bal Sports Cash Strnt Sheet Flows Stmt Simt Fows Semt 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 cents $ 56,500 Cash outflow for salaries (31.100) $ 25.340 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash inflow from loan $ 101,700 101.700 127040 Net cash flow from financing activities Not increase in cash Plus: Beginning cash balance Ending cash balance $ 127,040 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 $101,700 from the bank to start the business 2. Provided $67,800 of services to clients and collected $56,500 cash. 3. Pald salary expense of $36,160. Data for Sports Clothing 1. Borrowed $101,700 from the bank to start the business. 2. Purchased $67,800 inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash, 4. Pald $9,040 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 Bal Sheet Sports Cash Flows Stmt Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Prepare an income statement for Sports Clothing, SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Net sales revenue 0 Expenses 0 The following Information is avallable for two different types of businesses for the Year 1 accounting your 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 $101.700 from the bank to start the business. 2. Provided $67,800 of services to clients and collected $56,500 cash. 3. Pald salary expense of $36,160. Data for Sports Clothing 1. Borrowed $101,700 from the bank to start the business. 2. Purchased $67,800 Inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash. 4. Pald $9,040 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 Hopkins Cash Sheet Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Cash Merchandise inventory $ 0 Total assets Llabilities s 0 Total abilities Stockholders' Equity 0 Total stockholders' equity Total abilities and stockholders' equity 5 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 $101,700 from the bank to start the business 2. Provided $67,800 of services to clients and collected $56,500 cash 3. Pald salary expense of $36,160. Data for Sports Clothing 1. Borrowed $101.700 from the bank to start the business. 2. Purchased $67,800 inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash. 4. Paid $9,040 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 Hopkins Cash Sheet Flows Stmt Sports Inc Somt Sports Bol Sheet Sports Cash Pows St Prepare a statement of cash flows for Sports Clothing (Cash outfiows 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: $ Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities 0 Nel cash flow from financing activities 0 $ Ending cash balance