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 $101,700 from the bank to start the business.

2. Provided $67,800 of services to clients and collected $56,500 cash.

3. Paid salary expense of $36,160.

Data for Sports Clothing

1. Borrowed $101,700 from the bank to start the business.

2. Purchased $67,800 inventory for cash.

3. Inventory costing $29,380 was sold for $56,500 cash.

4. Paid $9,040 cash for operating expenses.

Required

1. 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 Hopkins Bal Stmt Sheet Prepare a balance sheet for Hopkins CPAs. HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Cash Accounts receivable Total assets Liabilities Accounts receivable Total liabilities Stockholders' equity Retained earnings Hopkins Cash Sports Inc Flows Stmt Stmt Total stockholders' equity Total liabilities and stockholders' equity $ $ CA Sports Bal Sheet 0 0 0 0 Sports Cash Flows Stmt Hopkins Inc Hopkins Bal Sheet Stmt Hopkins Cash Flows Stmt Sports Inc Sports Cash Sports Bal Sheet Stmt Flows Stmt Prepare a statement of cash flows for Hopkins CPAS. (Cash outflows should be indicated with a minus sign.) HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance $ $ 0 0 0 Hopkins Inc Hopkins Bal Hopkins Cash Stmt Sheet Flows Stmt Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Expenses $ CA Sports Inc Stmt 0 0 Sports Bal Sheet Sports Cash Flows Stmt Hopkins Inc Hopkins Bal Hopkins Cash Stmt Sheet Flows Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Sports Inc Stmt $ CA $ FA $ Sports Bal Sheet 0 0 0 0 Sports Cash Flows Stmt Hopkins Cash Sports Inc Stmt Sports Bal Sheet Flows Stmt Prepare a statement of cash flows for Sports Clothing. (Cash outflows should be indicated with a minus sign.) SPORTS CLOTHING Statement of Cash Flows For the Year Ended December 31, Year 1 Hopkins Inc Hopkins Bal Stmt Sheet Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance $ $ 0 0 0 0 Sports Cash Flows Stmt