Ultra Day Spa provided $86,800 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 a. Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model.
Required:
a. What is the amount of total assets at the end of the accounting period?
b. What is the amount of revenue reported on the income statement?
c. What is the amount of cash flow from operating activities reported on the statement of cash flows?
Answers: 3
Business, 21.06.2019 15:30, hiitslillyhere
Which of the following statements accurately describes how costs and benefits are calculated?
Answers: 1
Business, 22.06.2019 08:30, dezmondpowell
Which of the following is an example of search costs? a.) driving to a faraway place to find available goods b.) buying goods in some special way that is outside the normal channels c.) paying a premium cost for goods d.) selling extra goods for a discount price
Answers: 1
Ultra Day Spa provided $86,800 of services during Year 1. All customers paid for the services with c...