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 $$95,400$ from the bank to start the business.

Provided $$63,600$ of services to clients and collected $$53,000$ cash.

Paid salary expense of $$33,920.$

Data for Sports Clothing

Borrowed $$95,400$ from the bank to start the business.

Purchased $$63,600$ inventory for cash.

Inventory costing $$27,560$ was sold for $$53,000$ cash.

Paid $$8,480$ cash for operating expenses.

Required:

a$.$ Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.