Ultra Day Spa provided $92,550 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 4 percent service charge.

Required

1. 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 (IA), or financing activity (FA). Leave blank to indicate that an element is not affected by the event.

2. Based on this information alone, answer the following questions:
   1. (1) What is the amount of total assets at the end of the accounting period?
   2. (2) What is the amount of revenue reported on the income statement?
   3. (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. Required A Required B 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 colu indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Leave blank to indicate that an element is not affected by the eve (Enter any decreases to account balances and cash outflows with a minus sign. Round your answers to nearest whole dollar.) Show ULTRA DAY SPA Horizontal Statements Model Balance Sheet Income Statement Event Assets Stockholders' Equity Retained Earnings Liabilities Statement of Cash Flows Revenue Net Income Expense = Cash Accounts Receivable 1. 2. Required Required B > Complete this question by entering your answers in the tabs below. Required A Required B Show the effects of the three given transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating acti activity, FA for financing activity, and leave blank to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with an final answers to the nearest whole dollar.) Balance Sheet Income Statement Event Assets Stockholders' Equity Retained Earnings Liabilities Statement of Cash Flows Revenue Net Income Expenses Cash Notes Receivable Interest Receivable + 6/1/Y1 12/31/41 = + = + - 6/1/92 6/1/2 + - = + =