Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1,…

Exercise 2-1A Effect of collecting accounts receivable on the
accounting equation and financial statements LO 2-1, 2-3
Holloway Company earned $7,600 of service revenue on account
during Year 1. The company collected $6,460 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.) (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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