Exercise 7-13A (Algo) Effect of credit card sales on financial statements LO 7-6 0.49 Ultra Day Spa provided $85,700 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 a2 percent service charge. Required: 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 (CA), investing activity (A), or financing activity (FA). b. Based on this information alone, answer the following questions (0) 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 What 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. Rapered A hepared Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model Nie war any decreases in account balances and cash flows with a mon sign Per changes on the Statement of Cash Flows, indicate whether the ten sperating activity (04), investing activity (LA), of financing activity (PA) Nit all colte requers in Cach ULTRA GAY SPA Balanes Sheet City Farings Bamant of C Flees