All one homework question, please help

Holloway Company started operations on January 1. Year 1 During Year 1, Holloway earned $8,500 of service revenue and collected $7.225 cash from accounts receivable Required statements model before satisfying the requirements.) (Enter any decreases to acco rmine the following for Holloway Company (Hint Record the events in a horizontal financial HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets Llabilities + Event Cash Accounts Common+ Stock Eaned re a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement