Checimy w Exercise 7-13A (Algo) Effect of credit card sales on financial statements LO 7-6 Ultra Day Spa provided $91150 of services during Year 1. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 4 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 (1A), or financing activity (FA) 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 fiow from operating activities reported on the statement of cash flows? Complete this question by entering your answers in the tabs below, Required A Required Show the credit card sees (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model. (Enter any balances and cash outflows with a minus sign For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OL ( or financing activity (VA) Not allodis require input) (a) What is is the amount of cash flow from operating activities reported on the statement of cash flows? Complete this question by entering your answers in the tabs below. Required A Required Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model (Enter any decret balances and cash outhows with a minus sign. For changes on the statement of Cash Flows, indicate whether the item is an operating activity (OA, testing sty C or financing activity (PA). Totalcells require input) ULTRA DAY SPA Horizontal Statements Model Income Statement Stockholders Equity Retained Revenue Expense - Net Income Earning Event Statement of Cash Flow Aarts Account Facele Liability 1 2 - Required A Required B Based on this information alone, answer the following questions: (For all requirements, round your answers to the nearest whole dollar.) (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? Show less (1) Total assets (2) Revenue recognized (3) Cash flow from operating activities