l Apps Loot Crate Mechanical&Aerose My Subscriptions I m HD Harvard Business Pul FlatWorldD Droid Life- We're ju William M. Briggs BusinessCourse E Menu Revenue Recognition: We generally recognize sales, net of estimated returns, at the time the member takes possession of merchandise or receives services. When we collect payment from customers prior to the transfer of ownership of merchandise or the performance of services, the amount recieved is generally recorded as deferred revenue on the consolidated balance sheets until the sales or service is completed. Membership fee revenue represents annual membership fees paid by our memberships. We account for membership fee revenue, net of estimated refunds, on a deferred basis, whereby revenue is recognized ratably over the one-year membership period. Revenue August 28, 2016 August 30, 2015 August 31, 2014 (S millions) Net Sales $116,073 2,646 $118,719 $113,666 2,533 $116,199 $110,212 2,428 $112,640 Membership fees Total revenue Current Liabilities ($ millions) Accounts payable Current portion of long-term debt Accrued salaries and benefits Accured member rewards Deferred membership fees Other current liabilities August 28, .16 $7,612 1,100 2,629 869 1,362 2,003 $15,575 August 30, 2015 $9,011 1,283 2.468 813 1,269 1,695 $16,539 Total current liabilities O Type here to search Et