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Business, 10.10.2019 18:00 teescub812

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, 2014, 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 2014.(b) $960 in 2014.(c) $180 in 2016.(d) $780 in 2015.(e) none of these.

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