John signs a 1-year contract with Fitness The First Gym. The terms of the contract are that John is required to pay a non-refundable initiation fee of P12,000 and an annual membership fee of P1,000 per month. Fitness The First Gym determines that its customers, on average, renew their annual membership two times before terminating their membership. How much is the annual revenue?

John signs a 1-year contract with Fitness The First Gym. The terms of the contract are that John is required to pay a non-refundable initiation fee of P12,000 and an annual membership fee of P1,000 per month. Fitness The First Gym determines that its customers, on average, renew their annual membership two times before terminating their membership. How much is the annual revenue?

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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