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Sales revenue for Marshall Mattresses was $240,000. The following data are from the accounting records of Marshall: Bad debt expense $2,000

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Sales revenue for Marshall Mattresses was $240,000. The following data are from the

accounting records of Marshall:

Bad debt expense $2,000

Accounts receivable decrease 5,000

Allowance for uncollectible accounts increase 3,000

The cash received from customers was:

(A)  $235,000

(B)  $244,000

(C)  $245,000

(D) $246,000

 
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Samson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value common stock,

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Samson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of

$12 million, together with 2 million shares of its $1 par value common stock, for a combined cash amount of $22 million. The market value of Samson’s stock cannot be determined. The bonds would have sold for $9 million if issued separately. Samson should record for paid-in capital – excess of par on the transaction in the amount of:

(A)  $8 million

(B)  $9 million

(C)  $11 million

(D) $13 million

 
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The corporate charter of Big Blue Tent Co. authorized the issuance of 6 million, $1 par common shares. During 2006, its first year of operations, Big Blue had the following transactions:

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The corporate charter of Big Blue Tent Co. authorized the issuance of 6 million, $1 par common shares. During

2006, its first year of operations, Big Blue had the following transactions: 

February 4 sold 4 million shares at $15 per share

October 12 retired 1 million shares at $18 per share

December 30 sold the 1 million shares at $20 per share

What amount should Big Blue report as additional paid-in capital in its December 31, 2006, balance sheet?

(A) $37 million

(B) $56 million

(C) $58 million

(D) $61 million

 
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The Copper Canyon Company sponsors a defined benefit pension plan. The following information pertains to that plan: Projected benefit obligation at Jan. 1, 2007 $144 million

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The Copper Canyon Company sponsors a defined benefit pension plan. The following information pertains to that

plan:

Projected benefit obligation at Jan. 1, 2007 $144 million

Service cost for 2007 36 million

Retiree benefits paid (end of year) 30 million

Discount rate 10%

No change in actuarial estimates occurred during 2007. What is Copper Canyon’s projected benefit obligation at December 31, 2007?

(A) $164.4 million

(B) $158.4 million

(C) $150.0 million

(D) $128.4 million

 
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