Problem: Module 2 Textbook Problem 8 Learning Objective: 2-6 Show how accounting for credit card sales affects financial statements Ultra Day Spa provided $91,550 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 2 percent service charge. Required 5. Record the credit card sales and the subsequent collection of accounts receivable 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 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? Balance Sheet Assets Liab + Acct. Rec ULTRA DAY SPA Horizontal Statements Model Income Statement + Equity Ret. Ear. Revenue Expense Net Income Cash Flows Cash Event 1. . 2 + Required > 1. Total assets 2. Revenue recognized 3. Cash flow from operating activities (Required A