Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Why it shows incomplete? I am not sure what I am missing on this. The following information is available for two different types of businesses
Why it shows incomplete? I am not sure what I am missing on this.
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 $102,600 from the bank to start the business. 2. Provided $68,400 of services to clients and collected $57,000 cash. 3. Paid salary expense of $36,480. Data for Sports Clothing 1. Borrowed $102,600 from the bank to start the business. 2. Purchased $68,400 inventory for cash. 3. Inventory costing $29,640 was sold for $57,000 cash. 4. Paid $9,120 cash for operating expenses. Required a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Stmt Hopkins Bal Hopkins Cash Sheet Flows Stmt Sports Inc Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare an income statement for Hopkins CPAs. HOPKINS CPAS Income Statement For the Year Ended December 31, Year 1 Revenue Service revenue $ 68.400 Expenses Salaries expense 36,480 Net income $ 31,920 Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare a balance sheet for Hopkins CPAS. HOPKINS CPAS Balance Sheet As of December 31, Year 1 Assets Cash $ 123, 120 $ 123, 120 Total assets Liabilities Notes payable 102,600 102,600 Total liabilities Stockholders' equity Retained earnings $ 31,920 Total stockholders' equity Total liabilities and stockholders' equity 31,920 134,520 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Sports Bal Sheet Sports Cash 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: Cash inflow from clients $ 57,000 Cash outflow for salaries (36,480) $ 20,520 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash inflow from loan $ 102,600 Net cash flow from financing activities Net increase in cash Plus: Beginning cash balance Ending cash balance 102,600 123,120 0 $ 123,120 Hopkins Inc Stmt Hopkins Bal Hopkins Cash Sports Inc Sheet Flows Stmt Stmt Sports Bal Sheet Sports Cash Flows Stmt Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Net sales revenue $ 57,000 Cost of goods sold 29,640 Gross margin 27,360 Expenses Operating expenses 9,120 Net income 18,240 Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Sports Bal Sports Cash Sheet Flows Stmt Prepare a balance sheet for Sports Clothing. SPORTS CLOTHING Balance Sheet As of December 31, Year 1 Assets Cash $ 82,080 Merchandise inventory 38,760 $ 120,840 Total assets Liabilities Notes payable 102,600 $ 102,600 Total liabilities Stockholders' Equity Retained earnings $ 18,240 Total stockholders' equity Total liabilities and stockholders' equity 18,240 120,840 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Hopkins Cash Sports Inc Stmt Sheet Flows Stmt Stmt Sports Bal Sheet Sports Cash 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 Cash flows from operating activities: Cash inflow from customers $ 57,000 Cash outflow for expenses (9,120) Cash outflow for inventory (68,400) $(20,520) 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash inflow from loan $ 102,600 102,600 82,080 Net cash flow from financing activities Net increase in cash Plus: Beginning cash balance Ending cash balance $ 82,080Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started