The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a service business that provides accounting services to small businesses. Casual Clothing is a merchandising business that sells sports clothing to college students. Data for Lewis CPAs

1. Borrowed $80,000 from the bank to start the business.
2. Provided $60,000 of services to clients and collected $60,000 cash.
3. Paid salary expense of $40,000.

Data for Casual Clothing

1. Borrowed $80,000 from the bank to start the business.
2. Purchased $50,000 inventory for cash.
3. Inventory costing $32,000 was sold for $60,000 cash.
4. Paid $7,200 cash for operating expenses.

Required
a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
b. Which of the two businesses would have product costs? Why?
c. Why does Lewis CPAs not compute gross margin on its income statement?
d. Compare the assets of both companies. What assets do they have in common? What assets are different? Why?

the assumption the narrator makes in this excerpt is that the messages he heards were going to hurt the narrator's mom; the narrator just springs in to action. the narrator doesn't specify in this excerpt why he believes that the messages present a problem that requires protection.

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.