The following information is available for two different types of businesses for the 2018 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 $39,000 from the bank to start the business. 2. Provided $39,000 of services to clients and collected $39,000 cash. 3. Paid salary expense of $25,000. Data for Sports Clothing 1. Borrowed $39,000 from the bank to start the business. 2. Purchased $28,000 inventory for cash. 3. Inventory costing $23,500 was sold for $42,000 cash. 4. Paid $3,400 cash for operating expenses. 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. Show less A Hopkins Inc Stmt Hopkins Bal Hopkins Stmt Sheet Sports Inc Stmt Sports Bal Sheet Sports Stmt CF CF Prepare an income statement for Hopkins CPAs. HOPKINS CPAS Income Statement For the Year Ended December 31, 2018 Revenue Service revenue $ 39,000 Expenses Salaries expense 25,000 Net income $ 14,000 Complete this question by entering your answers in the tabs below. Show less Hopkins Inc Stmt Hopkins Bal Sheet Hopkins Stmt CF Sports Inc Stmt Sports Bal Sheet Sports Stmt CF Prepare a balance sheet for Hopkins CPAs. HOPKINS CPAS Balance Sheet As of December 31, 2018 Assets Cash Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Complete this question by entering your answers in the tabs below. Show less A Hopkins Inc Stmt Hopkins Bal Hopkins Stmt Sheet Sports Inc Stmt Sports Bal Sheet Sports Stmt Prepare a statement of cash flows for Hopkins CPAs. (Amount to be deducted should be indicated with a minus sign.) HOPKINS CPAS Statement of Cash Flows For the Year Ended December 31, 2018 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 Complete this question by entering your answers in the tabs below. Show less A Hopkins Inc Stmt Hopkins Bal Hopkins Stmt Sheet CF Sports Stmt Sports Inc Stmt Sports Bal Sheet CF Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, 2018 Expenses Complete this question by entering your answers in the tabs below. Show less A Hopkins Inc Stmt Hopkins Bal Hopkins Stmt Sheet CF Sports Inc Stmt Sports Bal Sheet Sports Stmt CF Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Complete this question by entering your answers in the tabs below. Show less Hopkins Inc Stmt Hopkins Bal Hopkins Stmt Sheet Sports Inc Stmt | Sports Ball Sports Stmt Sheet CF Prepare a statement of cash flows for Sports Clothing. (Amount to be deducted should be indicated with a minus sign.) SPORTS CLOTHING Statement of Cash Flows For the Year Ended December 31, 2018 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
