The Maroon & Orange Gym,Inc

question 121

Multiple Choice

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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Definitions:

Social Decentering

The ability to step outside oneself and view the world from the perspective of others, understanding their thoughts and feelings.

Emotional Intelligence

The ability to recognize, understand, manage, and reason with emotions in oneself and others.

Critical Listening

A listening style used to evaluate and analyze the content of a message for accuracy and relevance.

Compassionate Listening

Listening attentively with the intention of understanding and empathizing with the speaker's emotions and perspective.