Problem: Module 2 Textbook Problem 8 Learning Objective: 2.6 Show how accounting for credit card sales affects financial statements Uitre Day Spo provided $90750 of vervices during Year 1 All customers paid for the services with credit cards Uara submated the credit card receipts to the credit cord company immediately The credit card company paid uits cash in the amount of face value less a 3 percent service charge. Required a. Accord the creda card sales and the subsequent colection of accounts recewable in a horizontat statements model tike the one shown here. In the Cash Flow column, indicate whether the iem is an operating activay (OA). investing activity (MA), or financing activity (FA) if an element is not affected by the event, leave the cell blank 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 one income statement? (3) What is the amount of cash flow from operating activites reported on the statement of cash flows? Complete this question by entering your anwwers in the tabs below. Record the credt card sales and the subsequent cellection of accounts recevable in a horzontal satements model the the one shewn here. is the Cash flow column indicate Problem: Module 2 Textbook Problem 8 Learning Objective: 2.6 Show how accounting for credit card sales affects financial statements Ultra Day 5 pa provided 590,750 of services during Year 1 . All customers paid for the services with credit carcs ultra submirted the credit card receipts to the credit card company immediately. The credit card company paid Uitra cash in the amount of face value less a 3 percent service charge Required a. Record the credit cord sales and the subsequent collection of accounts receivabie in a horizontal statements model like the one shown here. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element is not affected by the event, leave the cell blank b. Based on this information alone, answer the following questions (1) What is the amount of totol 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? Complete this question by entering your answers in the tabs below. Based on this information alone, answer the following questions: (Do not round intermediate values. Round your answer to 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
