Edit questionQUESTION 2 Correct Mark 1.00 out of 1.00 Remove flagFlex Fitness is a heath and fitness club that operates gym facilities throughout the United States. Flexcompany's balancesheets follow ($ thousands)Selected Balance Sheet DataDeferred membershiincome (liability) 500,558 453,881During fiscal 2016, Flex Fitness collected $1,119,833 cash for membership feesCalculate the membership fee revenue that Flex Fitness recognized during the year.Select one:O A. $ 500,558 thousandO B. $1,166,510 thousand。C,$1,119,833 thousandD. $1,073,156 thousand

Deferred Membership income liability means the cash received has been received in advance for…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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