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Prepare an income statement and balance sheet

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Reference no: EM132549084

Question - 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 $91,800 from the bank to start the business.

2. Provided $61,200 of services to clients and collected $51,000 cash.

3. Paid salary expense of $32,640.

Data for Sports Clothing

1. Borrowed $91,800 from the bank to start the business.

2. Purchased $61,200 inventory for cash.

3. Inventory costing $26,520 was sold for $51,000 cash.

4. Paid $8,160 cash for operating expenses.

Required - Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.

Reference no: EM132549084

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