Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ultra Day Spa provided $91,900 of services curing Year 1. All customers paid for the services with credit cards Ultia submitted the credt card receipts
Ultra Day Spa provided $91,900 of services curing Year 1. All customers paid for the services with credit cards Ultia submitted the credt card receipts to the credit card company d 3 percent service charge immediately The credit card company paid Ultra cash in the amount of face value less Required e. Show the credn card sales (Event 1) and the sussequent coliection of and the susequent of accounts recevable Event 2 in a hoizontal statements model o indicate that ani element is not atfected by the event (Enter any decreases to eccount o like the one shon next. in the Statement of Cash Flows column indicate whether the n item is an operaling activey (a investing activity (A) or tnancing activity IFA) Use NA balances with o minus sign. Round your answers to nearest whole dollac) ULTRA DAY SPA Horlzonmal Statemenes Model Balance Sheet Equity Statement of Cash Flows Evem CashA Acct, Rec RavenueeNot In b. Based on this information alone, answer the following questions (1) What is the amount of tocal assets at the end of the accounting period? 2) What is the amount of revenue reported on the ncome statoment? 3) what is the amount of cash tiow from operating actovities reported on the statermert of cash flowa Round your onswers to nearest whole dollar ) Toral assets
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started