Holloway Company earned $$8,500$ of service revenue on account during Year $1.$ The company collected $$7,225$ cash from accounts receivable during Year $1.$

Required:

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

$($Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.$)$

The balance of the accounts receivable that would be reported on the December $31,$ Year $1,$ balance sheet.

The amount of net income that would be reported on the Year $1$ income statement.

The amount of net cash flow from operating activities that would be reported on the Year $1$ statement of cash flows.

The amount of retained earnings that would be reported on the Year $1$ balance sheet.