Business, 12.11.2019 05:31 octavioC2

The maroon & orange gym, inc., uses the accrual method of accounting. the corporation sells memberships that entitle the member to use the facilities at any time. a one-year membership costs $480 ($480/12 = $40 per month); a two-year membership costs $720 ($720/24 = $30 per month). cash payment is required at the beginning of the membership period. on july 1, 2017, the company sold a one-year membership and a two-year membership. the company should report as gross income from the two contracts: a. $1,200 in 2017.b. $960 in 2017.c. $180 in 2019.d. $780 in 2018e. none of these.

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The maroon & orange gym, inc., uses the accrual method of accounting. the corporation sells mem...