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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.

	HOPKINS CPAs Balance Sheet As of December 31, 2018 Assets Cash Total assets $0 Liabilities Notes payable Total liabilities 0 Stockholders' equity Retained earnings Total stockholders' equity 0 Total liabilities and stockholders' equity $0

	HOPKINS CPAs Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Net cash flow from operating activities $0 Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 0 Ending cash balance $0

	SPORTS CLOTHING Income Statement For the Year Ended December 31, 2018 0 Expenses $0

	SPORTS CLOTHING Balance Sheet As of December 31, 2018 Assets Total assets $0 Liabilities Total liabilities $0 Stockholders Equity Total stockholders' equity 0 Total liabilities and stockholders' equity $0

	SPORTS CLOTHING Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Net cash flow from operating activities $0 Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 0 Ending cash balance $0

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