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 $90,000 from the bank to start the business. Provided $60,000 of services to clients and collected $50,000 cash. Paid salary expense of $32,000. Data for Sports Clothing Borrowed $90,000 from the bank to start the business. Purchased $60,000 inventory for cash. Inventory costing $26,000 was sold for $50,000 cash. Paid $8,000 cash for operating expenses.

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 Expenses $ 0 Hopkins Inc Stmt Hopkins Bal Sheet 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 a balance sheet for Hopkins CPAs. HOPKINS CPAs Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities Total liabilities 0 Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 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 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: $ 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 $ 0 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 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 0