chapter 7 number 2

Uitra Day Spa provided $88,050 of services during Year 1 All customers paid for the services with credit cards. Ultra submitted the credit card recelpts to the credit card company immediately. The credit card company paid Uitra cash in the amount of face value les: a 2 percent service charge. Required a. Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA) Leave blank to indicate that an element is not affected by the event. b. Based on this information alone, answer the following questions: (1) What is the amount of total assets at the end of the accounting period? (2) What is the amount of revenue reported on the income statement? (3) What is the amount of cash flow from operating activities teported on the statement of cash flows? Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model. In the indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA), Leave blank to indicate that an elem (Enter any decreases to account balances and cash outflows with a minus sign. Round your answers to nearest whole dollar.) 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model, In the Statement of Cash Flows column, lerating activity (OA), investing activity (IA), or financing activity (FA). Leave blank to indicate that an element is not affected by the event. ulances and cash outflows with a minus sign. Round your answers to nearest whole dollar.) Based on this information alone, answer the following questions: (1) What is the amount of total assets at the end of the accounting period? (2) What is the amount of revenue reported on the income statement? (3) What is the amount of cash flow from operating activities reported on the statement of cash flows? (Round your answers to nearest whole dollar.)