Holloway Company earned $6,400 of service revenue on account during Year 1. The company collected $5,440 cash from accounts receivable during Year 1.

Required

Based on this information alone, determine the following for Holloway Company.

1. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet.
2. The amount of net income that would be reported on the Year 1 income statement.
3. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows.
4. The amount of retained earnings that would be reported on the Year 1 balance sheet.