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  3. holloway company started operations on january 1,

Holloway Company started operations on January 1, Year 1. During Year 1. Holloway earned $18,000...

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Accounting

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Holloway Company started operations on January 1, Year 1. During Year 1. Holloway earned $18,000 of service revenue and collected $14,000 cash from accounts recelvable. 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.) (Enter any decreases to account balances with a minus sign.) HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets Liabilities Accounts Cash Receivable Event Stockholders'Equity Common Retained Stock Earnings Earned revenue Collected accounts receivable Ending balance + d. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet Accounts receivable b. The amount of net income that would be reported on the Year 1 income statement Net income c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. Net cash flow from operating activities d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Retained earnings

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