Business, 23.10.2019 05:30, alizpleyer

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. prepare an income statement for each of the companies.

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The following information is available for two different types of businesses for the 2014 accounting...