User Account

All Pages

Prepare the journal entries that Palantir would make

Assignment Help Accounting Basics
Reference no: EM132592611

Question - Palantir Corp. sells specialized equipment to the healthcare industry. Palantir pays its sales agents a salary plus a 5% commission on sales. Sales agents employed by the company sold 10 Osgilith MRI machines that were delivered and installed in January 2017. The MRI machine sells for $45,600 due at the end of 12 months. Alternatively, customers may elect to pay $40,000 at delivery and installation. All customers purchasing machines during January elected to pay at the end of the 12-month period.

Required -

1. Determine the transaction price of the Osgilith MRI machines, and discuss how Palantir would account for the sales commission.

2. Discuss whether the delayed payment contract contains a significant financing component.

3. Prepare the journal entries for 2017 for the Osgilith MRI machines sold by Palantir to customers who elect the delayed payment option.

4. Prepare the 2017 journal entries that Palantir would make for the 10 Osgilith MRI machines that are sold if customers elect to pay at delivery.

Reference no: EM132592611

Questions Cloud

Research Method - Concepts and its application : Calculate NPV and analyze and comment on the results - Diversification is a risk management strategy that mixes a wide variety of investments within
Prepare a schedule that identifies the maturity value : Prepare a schedule that identifies the following items for each bond: (1) maturity value, (2) number of interest periods over life of bond
What should larkin do : As a small firm, Larkin Hydrau­lics is unable to raise funds with long-term debt. U.S. T-bills yield 3.6% per annum. What should Larkin do?
Irr for the second marketing campaign : You are considering two possible marketing campaigns for a new product. The first marketing campaign requires an outlay next year of 2M
Prepare the journal entries that Palantir would make : Prepare the 2017 journal entries that Palantir would make for the 10 Osgilith MRI machines that are sold if customers elect to pay at delivery
How the cvp analysis helps management : You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies.
Explain the translation gain or loss in terms of changes : Current rate method and the temporal method. Explain the translation gain or loss in terms of changes in the value of exposed accounts.
Prepare the journal entries that JustKitchens would make : JustKitchens Inc. provides services to restaurants and hotels. Prepare the journal entries that JustKitchens would make over the life of the contract
Future of health care in population health model : Define how technology will impact the future of health care in population health model.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd