East Georgia Community Hospital enters into a contract to provide $ 15,000 of elective medical care to

Question:

East Georgia Community Hospital enters into a contract to provide $ 15,000 of elective medical care to a patient. After a review of the patient’s ability and intent to pay, the hospital does not expect to collect the full contract price of $ 15,000. However, the hospital occasionally performs “discounted” procedures to members of the community to enhance its standing in the local area. While the hospital invoiced the customer for the full amount of the services, it only expects to collect $ 10,000. What amount of revenue should the hospital recognize?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

Question Posted: