Problem: Module 1 Textbook Problem 4 Learning Objective: 1.6 Show how receivables affect financial statements Holloway Company earned $8,500 of service revenue on account during Year 1 . The company collected $7,225 cash from accounts recelvable during Year 1. Required Based on this information alone, determine the following for Holloway Company. 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. Complete this question by entering your answers in the tabs below. Based on this information alone, determine the following for Holloway Company. (Not all cells require input. Enter any decreoses to account balances with a minus sign.) Complete this question by entering your answers in the tabs below. The balance of the accounts recelvable 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 eamings that would be reported on the Ycar 1 balance sheet