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- The City of Ronchester has a defined benefit pension plan for its firefighters. How is the amount of pension expense determined that the city should recognize the current year?The City of Columbus has approximately 2,000 employees. For the past three decades, the city has provided its employees with a defined benefit pension plan. The plan contract calls for specific payment amounts to be made to each retiree based on a set formula. Money is transferred periodi-cally to a pension trust fund where it is accumulated and invested so that eventual payments can be made.a. Describe how the city determines the amount (if any) of a net pension liability that should be reported within its government-wide financial statements.b. Describe how the city determines the amount (if any) of pension expense that should be reported within its government-wide financial statements.c. How is the pension reported in the fund financial statements for the governmental funds?The City of Columbus has approximately 2,000 employees. For the past three decades, the city has provided its employees with a defined benefit pension plan. The plan contract calls for specific payment amounts to be made to each retiree based on a set formula. Money is transferred periodically to a pension trust fund where it is accumulated and invested so that eventual payments can be made. Describe how the city determines the amount (if any) of a net pension liability that should be reported within its government-wide financial statements. Describe how the city determines the amount (if any) of pension expense that should be reported within its government-wide financial statements. How is the pension reported in the fund financial statements for the governmental funds?
- The City of Huble has a defined benefit pension plan for a number of its employees. Which of thefollowing is not included immediately in the determination of pension expense that this government should recognize in its government-wide financial statements?a. Service cost.b. Interest on total pension liability.c. Changes in pension liability as a result of a change in benefit terms.d. Changes in pension liability as a result of a change in economic or demographic assumptions.The City of Sweetwater maintains an Employees’ Retirement Fund, a single-employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees’ Retirement Fund as of July 1, 2019, is shown here: CITY OF SWEETWATER Employees’ Retirement Fund Statement of Fiduciary Net Position As of July 1, 2019 Assets Cash $ 137,000 Accrued Interest Receivable 57,800 Investments, at Fair Value: Bonds 4,506,000 Common Stocks 1,307,000 Total Assets 6,007,800 Liabilities Accounts Payable and Accrued Expenses 351,300 Fiduciary Net Position Restricted for Pensions $ 5,656,500 During the year ended…The City of Sweetwater maintains in trust the Employees’ Retirement Fund, a single-employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees’ Retirement Fund as of July 1, 2023, is shown here: CITY OF SWEETWATER Employees’ Retirement Fund Statement of Fiduciary Net Position As of July 1, 2023 Assets Cash $145,000 Accrued Interest Receivable 59,200 Investments, at Fair Value: Bonds 4,507,000 Common Stocks 1,313,000 Total Assets 6,024,200 Liabilities Accounts Payable and Accrued Expenses 384,000 Fiduciary Net Position Restricted for Pensions $5,640,200 During the year ended June 30, 2024, the following…
- The City of Ronchester has a defined benefit pension plan for its firefighters. How is the amount of pension expense determined that should be recognized in the current year?Wilmer County provides a defined benefit pension plan for its employees. The county accounts for the pension plan in a pension trust fund, which is included in the county's basic financial statements. In the years indicated, the county engaged in the following transactions related to the pension trust fund. Prepare all necessary journal entries. Clearly indicate the fund in which the entry is being made. If no entry is needed, please write "No entry required." a) In Year 1, the pension trust fund sent billings to the general fund and the City Utility (enterprise) Fund for the actuarially determined amount of required contributions. The general fund was billed $300,000 but paid only $220,000 during the year. The enterprise fund was billed $450,000 and paid $530,000. b) In Year 2, the pension trust fund sent billings to the general fund and the City Utility Fund for the actuarially determined amount of required contributions. The general fund was billed $320,000 and paid the entire…The Village of Bensonville has a pension trust fund for its public safety employees. For the year ended December 31, 2021, an actuarial consulting firm determined that the Village’s annual general fund contribution to the pension trust fund should be $3,250,000. However, due to a downturn in the local economy, the Village appropriated only $2,750,000 for its 2021 pension contribution to the public safety pension trust fund. From January through November, 2021, the Village contributed $2,460,000 to its public safety pension trust fund. The Village will make its December, 2021, contribution of $200,000 to the pension trust fund during the first week in January, 2022. Based on the information provided, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2021, and what amount should be reported under liabilities on the balance sheet of the general fund at December 31,…
- The City of Nomanchester has a defined benefit pension plan for a number of its employees. A pension trust fund has been set up that currently has a net position of $32.7 million because quite a number of investments are being held. An actuary estimates that city employees will eventually receive $99.7 million as a result of this pension. However, only $72.4 million of that amount is for work already provided. The present value of the $72.4 million in payments is $49.8 million. On its government-wide financial statements, what amount of net pension liability should be reported? a. $-0- b. $17.1 million c. $39.7 million d. $67.0 million mber of its employees.If answered within 30mins,it would be helpful.surely will upvote The Village of Bensonville has a pension trust fund for its public safety employees. For the year ended December 31, 2021, an actuarial consulting firm determined that the Village’s annual general fund contribution to the pension trust fund should be $3,250,000. However, due to a downturn in the local economy, the Village appropriated only $2,750,000 for its 2021 pension contribution to the public safety pension trust fund. From January through November, 2021, the Village contributed $2,460,000 to its public safety pension trust fund. The Village will make its December, 2021, contribution of $200,000 to the pension trust fund during the first week in January, 2022. Based on the information provided, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2021, and what amount should be reported under…5. Al Shahri community, located in the City of Duqm, voted to form a local improvement district to fund the construction of a new community center. The city agreed to construct the community center and administer the bond debt; however, the community was solely responsible for repaying the bond issue. To administer the bond debt, the city established the Local Improvement District Fund. Following are several events connected with the Local Improvement District Fund. 1. On June 30, 2019, the city assessed levies totaling OMR3,000,000. The levies are payable in 10 equal annual installments with 4.5 percent interest on unpaid installments. 2. All assessments for the current period were collected by June 30, 2020, as was the interest due on the unpaid installments. 3. On July 1, 2020, the first principal payment of OMR 300,000 was made to bond holders as was interest on the debt. Required Make journal entries for each of the foregoing events that affected the Local Improvement District…