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Question - Flex Fitness is a health and fitness club that operates gym facilities throughout the United States. Flex Fitness members pay their membership dues annually. Selected fiscal-year information from the company's balance sheets follows ($ thousands).
Selected Balance Sheet Data 2016 2015
Deferred membership income (liability) 500,558 453,881
During fiscal 2016, Flex Fitness collected $1,119,833 cash for membership fees.
Calculate the membership fee revenue that Flex Fitness recognized during the year.
1. $ 500,558 thousand
2. $1,166,510 thousand
3. $1,119,833 thousand
4. $1,073,156 thousand
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