ADVANCED ACCOUNTING(LL) W/CONNECT
13th Edition
ISBN: 9781260282382
Author: Hoyle
Publisher: MCG
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Textbook Question
Chapter 17, Problem 10P
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 employees will eventually receive $99.7 million as a result of this pension. However, only $72.4 million of that amount is for past work that has been 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. Zero
- b. $17.1 million
- c. $39.7 million
- d. $67.0 million
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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 employees will eventually receive $99.7 million as a result of this pension. However, only $72.4 million of that amount is for past work that has been 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? Choose the correct.a. Zerob. $17.1 millionc. $39.7 milliond. $67.0 million
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.
The City of Arnold maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2020, the following transactions occurred
1. The City contributed $ 2,400,000 in cash to the plan. Employee members contributed an additional $ 2,400,000
2. Annuity benefits in the amount of $240,000 were recorded as liabilities.
3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $95,000.
4. Investment income received in cash amounted to $100,000. In addition. $15.000 in interest receivable was accrued at year-end:
5. Additional investments in the amount of $1,100,000 were purchased.
6. The market value of investments decreased by $5,465.
I
Required:
Prepare journal entries for the above transactions on the books of the City of Arnold Public Safety Employee Retirement Trust Fund.
ALTAE NA51 O (Mac)
Chapter 17 Solutions
ADVANCED ACCOUNTING(LL) W/CONNECT
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - A city agrees to allow the Jones Company to...Ch. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - On January 1, 2017, the City of Hastings created a...Ch. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - The County of Maxnell decides to create a...Ch. 17 - The following information pertains to the City of...Ch. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - For each of the following, indicate whether the...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 41PCh. 17 - Prob. 42PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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