D Chapter 7 Homework x C O Not secure | ezto.mheducation.com/hm.tpx?-0.119140274

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D Chapter 7 Homework x C O Not secure | ezto.mheducation.com/hm.tpx?-0.11914027422729934 1521582212278 Homework Question 3 (of 1t 2.00 points Ultra Day Spa provided $89,650 of services during 2016. All customers paid for the services with credit ards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card ompany paid Ultra cash in the amount of face velue less a 2.50 percent service charge Required s. Record the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) 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) Use NA to with a minus sign. Round your answers to nearest whole dollan.) Horizontal Statements Model Balance Sheet Income Statement Assets Liab . Equity t Cash Acct. Rec Ret. Ear.R xpense Net In Cash Flows 1. Whst is the emount of total assets at the end of the accounting period? (Round your answer to nearest whole dollar.) i reported on the income statement? (Round your answer to nearest

Explanation / Answer

Answer 1. ULTRA DAY SPA Horizontal Statement Model Event Balance Sheet Income Statement Cash Flow Assets = Liab. + Equity Revenue - Expenses = Net Income Cash + Acct. Rec. Ret. Ear. 1                   -             89,650 =                -   +          89,650          89,650 -                 -   =          89,650 NA 2          87,409         (89,650) =                -   +          (2,241)                   -   -          2,241 =          (2,241)          87,409 OA Answer a-1 Total assets = $87,409 Answer a-1 Revenue = $89,650 Answer e, f & g. No details have been given in question

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