The following information is available for two different types of businesses for the 2016 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 $90,000 from the bank to start the business. (2) Provided $50,000 of services to clients and collected $50,000 cash. (3) Paid salary expense of $32,000. Data for Sports Clothing (1) Borrowed $90,000 from the bank to start the business. (2) Purchased $50,000 inventory for cash. (3) Inventory costing $26,000 was sold for $50,000 cash. (4) Paid $8,000 cash for operating expenses. Prepare an income statement and balance sheet.
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