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 Borrowed $34,000 from the bank to start the business. Provided $44,000 of services to clients and collected $44,000 cash. Paid salary expense of $28,200. Data for Sports Clothing Borrowed $34,000 from the bank to start the business. Purchased $33,000 inventory for cash. Inventory costing $27,700 was sold for $50,000 cash. Paid $4,000 cash for operating expenses. Required Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
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