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 $102,600 from the bank to start the business. 2. Provided $68,400 of services to clients and collected $57,000 cash. 3. Paid salary expense of $36,480. Data for Sports Clothing 1. Borrowed $102,600 from the bank to start the business. 2. Purchased $68,400 inventory for cash. 3. Inventory costing $29,640 was sold for $57,000 cash. 4. Paid $9,120 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Answer is complete but not entirely correct. 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 Hopkins CPAs. HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets $ Cash Accounts receivable 123, 120 0 X $ 123,120 Total assets Liabilities Notes payable $ 102,600 102,600 Total liabilities Stockholders' equity Retained earnings $ 31,920 31,920 Total stockholders' equity Total liabilities and stockholders' equity $ 134,520