Business, 26.01.2022 09:10 veve1787

Holloway Company earned $4,400 of service revenue on account during 2016. The company collected $3,740 cash from accounts receivable during 2016. 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.)
HOLLOWAY COMPANY
Effect of Events on the 2016 Accounting Equation
Event Assets = Liabilities+Stockholders' Equity
Cash+Accounts Receivable = Common Stock + Retained Earnings
Earned revenue += + +
Collected accounts receivable+= + +
Ending balance += + +
a. The balance of the accounts receivable that would be reported on the December 31, 2016, balance sheet.
b. The amount of net income that would be reported on the 2016 income statement.
c. The amount of net cash flow from operating activities that would be reported on the 2016 statement of cash flows.
d. The amount of retained earnings that would be reported on the 2016 balance sheet.

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Holloway Company earned $4,400 of service revenue on account during 2016. The company collected $3,7...

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