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On October 1, Year 1 Gomez Company collected $15,000 in advance from a customer for services to be provided over a one-year period beginning on

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On October 1, Year 1 Gomez Company collected $15,000 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year ? How much would the company report as net cash flows from operating activities for Year 1? Multiple Choice $3,750, $3,750 $15,000 $15,000 $3,750, $15,000 SO: $15,000

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