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Business, 15.10.2019 17:20 alexisolsennn4680

He 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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