To answer the question below, refer to the following disclosures for the warehouse club retailer: “The Company accounts for membership fee revenue, net of refunds, on a deferred basis, ratably over the one-year membership…”

 

  

CURRENT LIABILITIES Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Other current liabilities Total current liabilities. REVENUE Net sales.. Membership fees Total revenue OPERATING EXPENSES Merchandise costs Selling, general and administrative Preopening expenses Operating income 52 Weeks Ended September 2, 2018 138,434 $ 3,142 141,576 123,152 13,876 68 4,480 September 2, 2018 11,237 2,994 1,057 1,624 3,014 19.926 53 Weeks Ended September 3, 2017 126,172 $ 2,853 129,025 111,882 12,950 82 4,111 September 3, 2017 $ 9,608 2,703 961 1,498 2,725 17.495 52 Weeks Ended August 28, 2016 116,073 2,646 118,719 102,901 12,068 78 3,672