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 $35,000 from the bank to start the business. 2. Provided $43,000 of services to clients and collected $43,000 cash. 3. Paid salary expense of $27,500. Data for Sports Clothing 1. Borrowed $35,000 from the bank to start the business. 2. Purchased $32,000 inventory for cash. 3. Inventory costing $26,900 was sold for $48,000 cash. 4. Paid $3,800 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 Income Statement Hopkins Statement Cash Flows Prepare an income statement for Hopkins. Hopkins Balance Sheet HORKING CRA Sports Income Sports Balance Statement Sheet Sports Statement Cash Flows

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 $35,000 from the bank to start the business. 2. Provided $43,000 of services to clients and collected $43,000 cash. 3. Paid salary expense of $27,500. Data for Sports Clothing 1. Borrowed $35,000 from the bank to start the business. 2. Purchased $32,000 inventory for cash. 3. Inventory costing $26,900 was sold for $48,000 cash. 4. Paid $3,800 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. Prepare an income statement for Hopkins. Rrewe a tupkz ment ter fourts onet os