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 $104,400 from the bank to start the business.
Provided $69,600 of services to clients and collected $58,000 cash.
Paid salary expense of $37,120.
Data for Sports Clothing
Borrowed $104,400 from the bank to start the business.
Purchased $69,600 inventory for cash.
Inventory costing $30,160 was sold for $58,000 cash.
Paid $9,280 cash for operating expenses
Required
Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
Answers: 3
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