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Prepare an income statement balance sheet and statement of

Data for Sports Clothing

1. Borrowed $36,000 from the bank to start the business.

2. Purchased $31,000 inventory for cash.

3. Inventory costing $26,000 was sold for $47,000 cash.

4. Paid $3,800 cash for operating expenses.

Required

a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.

(Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.)

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Accounting Basics: Prepare an income statement balance sheet and statement of

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