Return 8. Problem: Module 2 Textbook Problem 8 Learning Objective: 2-6 Show how accounting for credit card sales affects financial statements 2.5 points Ultra Day Spa provided $90,850 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 a. 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? x Answer is not complete. completion. Return to question Complete this question by entering your answers in the tabs below. Required A Required B 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 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 bla intermediate values. Round your final answers to the nearest whole dollar. Not every cell will require entry. Enter any decreases to account balances with a ULTRA DAY SPA Horizontal Statements Model Balance Sheet Income Statement Assets Liab + Event Cash Revenue Expense Cash Flows Acct. Rec. 90.850 Equity Ret. Ear. 90.850 X (1.817) X Net Income 90.850 X 1 + 90.850 2. 89 033 (90 850) X + + 1.817 89.033 (1.831) Required B DS below. Required A Required B Based on this information alone, answer the following questions: (Do not round inte 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 statem 1. Total assets 2. Revenue recognized Cash flow from operating activities 3