All one homework question, please help Holloway Company started operations on Ja

Question

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

Explanation / Answer

As per policy only first question will be answered completely.

Holloway Company

Effect of Events on the year 1 horizontal financial statements

Part A

Accounts receivable = 8500-7225 =1275

Part B

Net income = 8500

Part C

Net cash flow from operating activities = 7225

Part D

Retained earnings = 8500

Assets = liabilities + Stockholders' equity Event cash + accounts receivable Common Stock + retained earnings Earned revenue 8500 8500 Collected accounts receivable 7225 (7225) Ending balance 7225 1275 0 0 8500

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