Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

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Answer 1

Question

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

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Answer 2

Question

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

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Answer 3

Question

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

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Answer 4

Question

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

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Answer 5

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

Answer 6

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

Answer 7

Chapter 7, Problem 13BE

a)

To determine

Present the credit card sales and collection of accounts receivable in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event.

Answer 8

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

Answer 9

b)

To determine

Determine the following amounts:

(1) The amount of total assets at the end of the accounting period.

(2) The amount of revenue reported on the income statement.

(3) The amount of cash flows from operating activities reported on the statement of cash flows and

(4) State the reasons that the company would accept credit cards instead of providing credit directly to its customers.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

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