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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The fallowing nformatlon le available fartwo different types of bualinepoes for thve Year 1 accourting yenr Hopldna CPAa a n servce bualnees that provides accundng services to small busnesoes. Sparts Clothing le a merchandising business that selb sportu clothing to college students. Duta for HopkdnsAs L Borrowed $90,000 fram the bank to start the bustnesa. 2 Provded $E0,000 of pervices to chents and collected $60.D00 cash. 3. Pald sabry expense of $32D00. Data for Sparts Clothing 1 Borrowed $90,000 fram the bank to start the bucinesa. 2 Purchased $60,000 Inventory for cach 3. nverntory costing $26,000 was sold for $50,000 cach. 4 Pald $8,000 cach for aperating expences. Required a. Prepare an Income statement, balance sheet, and statement of cash flows for each af the compantes Complete this question by entering your answers In the tabs below. Hopkina Ceah Mewa Smt Sporta Sel Sheet Sporta Cah Mowa Smt Hopkina Inc Hopkina Sel Sheet Sporta Inc Prepare a statement ofcash fows for Hopikins CPAS. (Cash outfiows shoulid be indicated with a minus sign.) HOPKINE CPAS atatement of Cash Flows For the Year Ended Deoember 31, Year 1 Cash lows thom operating acvities Net ceshow trom operatinrg activices Cash ows trom investing IMEes Cashtows trom nancing pcIvicies Ne: cash fow tom tinencimg actiMEes End ng ceshbeance Sports Inc SEenit K Hopldins Bal heet
Transcribed Image Text:The fallowing nformatlon le available fartwo different types of bualinepoes for thve Year 1 accourting yenr Hopldna CPAa a n servce bualnees that provides accundng services to small busnesoes. Sparts Clothing le a merchandising business that selb sportu clothing to college students. Duta for HopkdnsAs L Borrowed $90,000 fram the bank to start the bustnesa. 2 Provded $E0,000 of pervices to chents and collected $60.D00 cash. 3. Pald sabry expense of $32D00. Data for Sparts Clothing 1 Borrowed $90,000 fram the bank to start the bucinesa. 2 Purchased $60,000 Inventory for cach 3. nverntory costing $26,000 was sold for $50,000 cach. 4 Pald $8,000 cach for aperating expences. Required a. Prepare an Income statement, balance sheet, and statement of cash flows for each af the compantes Complete this question by entering your answers In the tabs below. Hopkina Ceah Mewa Smt Sporta Sel Sheet Sporta Cah Mowa Smt Hopkina Inc Hopkina Sel Sheet Sporta Inc Prepare a statement ofcash fows for Hopikins CPAS. (Cash outfiows shoulid be indicated with a minus sign.) HOPKINE CPAS atatement of Cash Flows For the Year Ended Deoember 31, Year 1 Cash lows thom operating acvities Net ceshow trom operatinrg activices Cash ows trom investing IMEes Cashtows trom nancing pcIvicies Ne: cash fow tom tinencimg actiMEes End ng ceshbeance Sports Inc SEenit K Hopldins Bal heet
The following informotion is avoilable for two different types of brsinesges for the Yeor 1 accounting year. Hopkins PAs is a service business that provides occounting services to smol businesses. Sports Clothing is o merdhondising business that sells sports dothing to college students. Data for Hopldns CPAS 1 Borrowed $90,000 from the bonk to stort the business. 2 Provided $60,000 of services to dients and collected $50.000 cosh. 3. Paid salary expense of $32,000. Data for Sports Clothing 1 Borrowed $90,000 from the bank to stort the business. 2 Purchased $60,000 inventory for cash. 3. Inventory costing $26,000 was sold for $50,000 cash. 4 Paid $8,000 cash for operating expenses. Required a Prepore on income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopidins Inc Stmt Hopicins Cash Flows Stmt Sports Inc Stmt Sports Bal Shet Sports Cash Flows Stmt Hopidins Bal Sheet Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Expenses ( Hopkiris Cash Flows Strmt Sports Bel Sheet 1 of 13 Next >
Transcribed Image Text:The following informotion is avoilable for two different types of brsinesges for the Yeor 1 accounting year. Hopkins PAs is a service business that provides occounting services to smol businesses. Sports Clothing is o merdhondising business that sells sports dothing to college students. Data for Hopldns CPAS 1 Borrowed $90,000 from the bonk to stort the business. 2 Provided $60,000 of services to dients and collected $50.000 cosh. 3. Paid salary expense of $32,000. Data for Sports Clothing 1 Borrowed $90,000 from the bank to stort the business. 2 Purchased $60,000 inventory for cash. 3. Inventory costing $26,000 was sold for $50,000 cash. 4 Paid $8,000 cash for operating expenses. Required a Prepore on income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopidins Inc Stmt Hopicins Cash Flows Stmt Sports Inc Stmt Sports Bal Shet Sports Cash Flows Stmt Hopidins Bal Sheet Prepare an income statement for Sports Clothing. SPORTS CLOTHING Income Statement For the Year Ended December 31, Year 1 Expenses ( Hopkiris Cash Flows Strmt Sports Bel Sheet 1 of 13 Next >
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