The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students.

Data for Hopkins CPAs
Borrowed $45,000 from the bank to start the business.
Provided $35,000 of services to clients and collected $35,000 cash.
Paid salary expense of $22,400.

Data for Sports Clothing
Borrowed $45,000 from the bank to start the business.
Purchased $24,000 inventory for cash. Inventory costing $20,200 was sold for $36,000 cash.
Paid $2,900 cash for operating expenses.

Prepare an income statement.