Business, 22.02.2020 01:59 zelds63481
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 $33,000 from the bank to start the business.
Provided $45,000 of services to clients and collected $45,000 cash.
Paid salary expense of $28,800.Data for Sports Clothing Borrowed $33,000 from the bank to start the business.
Purchased $34,000 inventory for cash. Inventory costing $28,600 was sold for $51,000 cash.
Paid $4,100 cash for operating expenses.
Required:
a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.)
Answers: 2
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The following information is available for two different types of businesses for the Year 1 accounti...
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