Analysis and Interpretation of Profitability Balance sheets and income statements for Costco Wholesale Corportation follow. Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) September 1, 2013 September 2, 2012 August 28, 2011 Revenue Net Sales $102,870 $97,062 $87,048 Membership fees 2,286 2,075 1,867 Total revenue 105, 156 99,137 88,915 Operating expenses Merchandise costs 91,948 86,823 77,739 Selling, general andadministrative 10, 104 9,518 8,691 Preopening expenses 51 37 46 Operating Income 3,053 2,759 2,439 Other income (expense) Interest expense (99) (95) (116) Interest income and other, net 97 103 60 Income before income taxes 3,051 2,767 2,383 Provision for income taxes 990 1,000 841 Net income including noncontrolling interests 2,061 1,767 1,542 Net income attributable to noncontrolling interests (22) (58) (80) Net income attributable to Costco $ 2,039 $ 1,709 $ 1,462Consolidated Balance Sheets ($ millions, except par value and share data) September 1, 2013 September 2, 2012 Assets Current assets Cash and cash equivalents $ 4,644 $ 3,528 Short-term investments 1,480 1,326 Receivables, net 1,201 1,026 Merchandise inventories 7,894 7,096 Deferred income taxes and other current assets 621 550 Total current assets 15,840 13,526 Property and equipment Land 4,409 4,032 Buildings and improvements 11,556 10,879 Equipment and fixtures 4,472 4,261 Construction in progress 585 374 21,022 19,546 Less accumulated depreciation and amortization (7,141) (6,585) Net property and equipment 13,881 12,961 Other assets 562 653 Total assets $ 30,283 $ 27,140Liabilities and equity Currenuiabnmes Accrued salaries and benefits Accrued member rewards m Accrued sales and other taxes 382 397 Deferred membership fees m Other current liabilities m Total current liabilities Long-term debt, excluding current portion Deferred income taxes and other liabilities 981 Total liabilities amt, Preferred stock, $0.005 par value: 100,000,000 shares authorized; no shares issued and outstanding 436,839,000 and 432,350,000 shares issued and outstanding Additional paid-in-capital Accumulated other comprehensive (loss) income Retained earnings Total Costco stockholders' equity Noncontrolling interests Total liabilities and equity