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Calculate the membership fee revenue

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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

Reference no: EM132659187

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