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 $$94,500$ from the bank to start the business. Provided $$63,000$ of services to clients and collected $$52,500$ cash. Paid salary expense of $$33,600.$ Data for Sports Clothing Borrowed $$94,500$ from the bank to start the business. Purchased $$63,000$ inventory for cash. Inventory costing $$27,300$ was sold for $$52,500$ cash. Paid $$8,400$ cash for operating expenses. The following information is available for two different types of businesses for the Year $1$ accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAs Borrowed $$94,500$ from the bank to start the business. Provided $$63,000$ of services to clients and collected $$52,500$ cash. Paid salary expense of $$33,600.$ Data for Sports Clothing Borrowed $$94,500$ from the bank to start the business. Purchased $$63,000$ inventory for cash. Inventory costing $$27,300$ was sold for $$52,500$ cash. Paid $$8,400$ cash for operating expenses. Required a$.$ Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.