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(Extra-Credit 3 points) Costco charges membership fees to all its customers, and of course recognizes this revenue over the term of the membership. The unearned
- (Extra-Credit 3 points) Costco charges membership fees to all its customers, and of course recognizes this revenue over the term of the membership. The unearned membership fee is referred to as Deferred Membership Fees in the current liability section of their balance sheet. Look up the 2019 Annual Report for Costco and answer the following:
- How much were deferred membership fees at September 1, 2019?
- How much were deferred membership fees at September 1, 2019?
- How much was membership fee revenue for the year-ended September 1, 2019? What percentage of Income Before Income Taxes is that number?
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