The following information is available for two different types of businesses for the Year 1 accounting...
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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 $104,400 from the bank to start the business. 2. Provided $69,600 of services to clients and collected $58,000 cash. 3. Paid salary expense of $37,120. Data for Sports Clothing 1. Borrowed $104,400 from the bank to start the business. 2. Purchased $69,600 inventory for cash. 3. Inventory costing $30,160 was sold for $58,000 cash. 4. Paid $9,280 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 Sheet Hopkins Cash Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt 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 $104,400 from the bank to start the business. 2. Provided $69,600 of services to clients and collected $58,000 cash. 3. Paid salary expense of $37,120. Data for Sports Clothing 1. Borrowed $104,400 from the bank to start the business. 2. Purchased $69,600 inventory for cash. 3. Inventory costing $30,160 was sold for $58,000 cash. 4. Paid $9,280 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 Sheet Hopkins Cash Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt
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Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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