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Answer:
Hopkins CPAs
Income Statement
Revenue 44,000.00
Salary 28,200.00
Profit 15,800.00
Balance Sheet
Assets
Cash 49,800.00
Total 49,800.00
Capital & Liabilities
Retained Earnings 15,800.00
Loan 34,000.00
Total 49,800.00
Cashflow Statement
Operating Activities
Revenue 44,000.00
Salary 28,200.00
Net Flow 15,800.00
Investing Activities
NIL
Financing Activities
Loan 34,000.00
Opening Cash NIL
Net Cashflow 49,800
Closing Cash 49,800.00
2. Sports Clothing
Income Statement
Revenue 50,000.00
Cost of Sales 27,700.00
Operating Expenses 4,000.00
Profit 18,300.00
Balance Sheet
Assets
Cash 47,000.00
Inventory 5,300.00
Total 52,300.00
Capital & Liabilities
Retained Earnings 18,300.00
Loan 34,000.00
Total 52,300.00
Cashflow Statement
Operating Activities
Revenue 50,000.00
Operating Costs 31,700.00
Working Capital 5,300.00
Net Flow 13,000.00
Investing Activities
NIL
Financing Activities
Loan 34,000.00
Opening Cash NIL
Net Cashflow 47,000
Closing Cash 47,000.00
Explanation:
1. Hopkins CPAs
Data for Hopkins CPAs Borrowed $34,000 from the bank to start the business.
Dr. Cash...34,000
Cr. Loan..........34,000
Provided $44,000 of services to clients and collected $44,000 cash.
Dr Cash......44,000
Cr Revenue..........44,000
Paid salary expense of $28,200.
Dr Salary Expense...28,200
Cr Cash............................28,200
Hopkins CPAs
Income Statement
Revenue 44,000.00
Salary 28,200.00
Profit 15,800.00
Balance Sheet
Assets
Cash 49,800.00
Total 49,800.00
Capital & Liabilities
Retained Earnings 15,800.00
Loan 34,000.00
Total 49,800.00
Cashflow Statement
Operating Activities
Revenue 44,000.00
Salary 28,200.00
Net Flow 15,800.00
Investing Activities
NIL
Financing Activities
Loan 34,000.00
Opening Cash NIL
Net Cashflow 49,800
Closing Cash 49,800.00
2. Sports Clothing
1.Borrowed $34,000 from the bank to start the business.
Dr Cash...34,000
Cr Loan..............34,000
2.Purchased $33,000 inventory for cash.
Dr. Inventory.....33,000
Cr. Cash.....................33,000
3.Inventory costing $27,700 was sold for $50,000 cash.
Dr. Cash.... 50,000
Cr. Sales.................50,000
Dr. Cost of Sales...27,700
Cr. Inventory...................27,700
4.Paid $4,000 cash for operating expenses.
Dr. Operating Expenses...4000
Cr. Cash..................................4,000
Income Statement
Revenue 50,000.00
Cost of Sales 27,700.00
Operating Expenses 4,000.00
Profit 18,300.00
Balance Sheet
Assets
Cash 47,000.00
Inventory 5,300.00
Total 52,300.00
Capital & Liabilities
Retained Earnings 18,300.00
Loan 34,000.00
Total 52,300.00
Cashflow Statement
Operating Activities
Revenue 50,000.00
Operating Costs 31,700.00
Working Capital 5,300.00
Net Flow 13,000.00
Investing Activities
NIL
Financing Activities
Loan 34,000.00
Opening Cash NIL
Net Cashflow 47,000
Closing Cash 47,000.00
The answers for both companies are attached below. Kindly go through them closely to understand them.
The area where all financial information for a business is collected is referred to as a book of account.
For more information about the accounts, refer below:
https://brainly.com/question/2505583
