Giblin Corporation earned $9,700 of service revenue on account during Year 1. The company collected $8,245 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Giblin Corporation. (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.

Answer and Explanation:

The computation is shown below:

a. The balance in the account receivable is

= $9,700 -  $8,245

= $1,455

b. The amount of the net income is equivalent to the service revenue earned i.e. $9,700

c. The net cash flow from operating activities is

Net income  $9,700

Less; increase in account receivable -$1,455

Net cash flow from operating activities $8,245

d. The retained earnings is equivalent to the amount of the net income i.e. $9,700

answer; i believe both technician (a) and (b) are correct; /// good luck

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.