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Holloway Company started operations on January 1 , Year 1 . During Year 1 , Holloway earned $6,000 of service revenue and collected $5,100 cash
Holloway Company started operations on January 1 , Year 1 . During Year 1 , Holloway earned $6,000 of service revenue and collected $5,100 cash from accounts receivable. Required: Based on this information alone, determine the following for Holloway Company. (Hint. Record the events in a horizontal financial statements model before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. 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. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet
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