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Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2021, Accorsi sold a premium home theater package that includes
Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2021, Accorsi sold a premium home theater package that includes a projector, set of surround speakers, and high quality leather seats, along with complete installation service, for $33,500. If sold separately, each of these goods or services would have cost $19,500 (projector), $17,000 (speakers). $22,000 (seats), and $4,000 (installation), respectively. Required: How much of the transaction price would be allocated to the projector, the speakers, the leather seats, and the installation service, assuming that each of these four parts of the contract is a separate performance obligation? (Round the percentage values to 2 decimal places.) Transaction Price Projector Surround speakers Leather seats Installation service Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Credit Debit 677 938 47 46 34 162 497 39 11 43 Accounts receivable Building and equipment Cash Interest receivable Inventory Land Notes receivable (long-term) Prepaid rent Supplies Trademark Accounts payable Accumulated depreciation Additional paid-in capital Dividends payable Common stock (at par) Income tax payable Notes payable (long-term) Retained earnings Deferred revenue TOTALS 692 73 474 22 13 60 828 293 39 2,494 2,494 What would Symphony report as total assets? Multiple Choice $2,421 millions $1,577 millions. $2,428 millions. $2,501 millions
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