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Please search and review COSTCO financial statements and notes to financial statement for fiscal year 1998...

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Accounting

Please search and review COSTCO financial statements and notesto financial statement for fiscal year 1998 and fiscal year1999.

  • For the year ended in August 1998, how much and how weremembership fees recorded in COSTCO's financial statements? How muchnet income were reported for fiscal year 1998?
  • Was membership fee recorded correctly? If not, what accountingprinciple does it violate? Why? How did they fix it?
  • What were the effects of the fix? How much net income wouldhave been reported for fiscal year 1998?

Answer & Explanation Solved by verified expert
3.7 Ratings (423 Votes)
In financial statements for the year ended 1998 COSTCO recorded following membership fees and net income Membership fees Year 1998 Particulars Amount Net Income First quarter 108507 97926 second quarter 97908 125993 third quarter 96160 85227 fourth quarter 136922    See Answer
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