How should the seller measure revenue when it expects to receive consideration in a form other than cash?
Answer to relevant QuestionsIf the stand alone selling price of a good or service is not readily observable, what approaches might a company use to obtain an estimate of the stand alone selling price? What is the proper accounting for a wholly unperformed contract? Robotics Inc. contracts with a customer to build a custom robot to be used in the customer’s manufacturing operations for $ 2,000,000. If the robot is delivered and operational by January 1, the customer will pay Robotics ...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 ...Jonas Consulting enters into a contract to provide cost management consulting services over a one year period for $ 10,000 per month. At the end of the contract, Jonas will either give the customer a $ 24,000 refund or be ...
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