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Business, 24.05.2020 02:58 raffaldarmaki9412
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-1) Prepare an income statement for each of the companies.
a-2) Prepare a balance sheet for each of the companies.
a-3) Prepare a statement of cash flows for each of the companies. (Amounts to be deducted should be indicated with a minus sign.)
a-4) Prepare an income statement for each of the companies.
a-5) Prepare a balance sheet for each of the companies.
a-6) Prepare a statement of cash flows for each of the companies. (Amounts to be deducted should be indicated with a minus sign.)
b) Which of the two businesses would have product costs?
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