The City of Sweetwater maintains an Employees Reurement Fund, a single-employer defined
benefit plan that provides annuty and disability beneins. The fund is financed by actuarially
determined contributions from the citys Genetal Fund and by contributions from employees
Administration of the retirement fund is handled by General Fund employees, and the retirement
fund does no: beat any administrative expenses. The Statement of Fiduciary Net Posinon for the
Employees' Retirement Fund as of July 1, 2019, is shown here During the year ended June
30:2020 the following transactions occurred 1. The interest recemoble on investments wos
collected in cast 2 Member contributions in the amount of $272,000 were received in cash The
city's Gener al fund also contributed $810,000 in cash 3. Annuity benelits of $725,000 and
disabliny benefits of $160,000 were recorded as habilities 4. Accounts payable and accrued
expenses in the amount of $960,000 were poid in cast 5 interest income of $244,000 and
dividends in the amount of $33,000 were received in cash in addition, bond interest income of
$52,000 was accrued at year-end 6. Refunds of $78,000 were made in cash to terminated,
nomvested participants 7. Common stocks, carried at o fair value of $512,000, were sold for
$473,000. Thor $473,000. plus an odditional $307,000, was invested in stocks 8. A year-end it
was determined that the fair value of stocks held by the pension plan had decreased by $50,000.
the fair value of bonds had incleased by $33,000 9. Nominal acrounts for the year were dosed
Required: a. Record the transactians on the boaks of the Employees' Retirement Fund b. Prepare
a Starement of Changes in Fiduciary Nel Positian for the Employees' Retirement Fund for the
year ended June 30 , 2020 c. Prepare o Stotement of Fiduciary Ner Position far the Employees'
Retirement Fund os of June 30,2020 Complete this question by entering your answers in the tabs
below.
The Ciry of Sweetwater maimains an Employees Retirement Fund a single-emplayer defined
benefit plan that provides annuity and disabilty benefits. The fund is financed by actuarially
determined contributions fram the city's General Fund and by contributions from employees
Administration of the retirement fund is handled by Gener al 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? 2019. is shawn here During the year ended June 30.2020
, the following transactions accurted 1. The interest receivable on investments was collected in
cash 2. Member contrbutions in the amount of $272,000 were receved in cash. The city's General
Fund also contributed $810,000 in cash 3. Annuity benefits of $725,000 and disabilty benefits of
$150,000 were recorded a labilies 4 Accounts payable and accrued expenses in the amount of
$960,000 were poid in cash 5. Interest income of $244.000 and dividends in the amount of
$33,000 were recelved in cash. I.
The City of Sweetwater maintains an Employees Reurement Fund, a singl.pdf
1. The City of Sweetwater maintains an Employees Reurement Fund, a single-employer defined
benefit plan that provides annuty and disability beneins. The fund is financed by actuarially
determined contributions from the citys Genetal Fund and by contributions from employees
Administration of the retirement fund is handled by General Fund employees, and the retirement
fund does no: beat any administrative expenses. The Statement of Fiduciary Net Posinon for the
Employees' Retirement Fund as of July 1, 2019, is shown here During the year ended June
30:2020 the following transactions occurred 1. The interest recemoble on investments wos
collected in cast 2 Member contributions in the amount of $272,000 were received in cash The
city's Gener al fund also contributed $810,000 in cash 3. Annuity benelits of $725,000 and
disabliny benefits of $160,000 were recorded as habilities 4. Accounts payable and accrued
expenses in the amount of $960,000 were poid in cast 5 interest income of $244,000 and
dividends in the amount of $33,000 were received in cash in addition, bond interest income of
$52,000 was accrued at year-end 6. Refunds of $78,000 were made in cash to terminated,
nomvested participants 7. Common stocks, carried at o fair value of $512,000, were sold for
$473,000. Thor $473,000. plus an odditional $307,000, was invested in stocks 8. A year-end it
was determined that the fair value of stocks held by the pension plan had decreased by $50,000.
the fair value of bonds had incleased by $33,000 9. Nominal acrounts for the year were dosed
Required: a. Record the transactians on the boaks of the Employees' Retirement Fund b. Prepare
a Starement of Changes in Fiduciary Nel Positian for the Employees' Retirement Fund for the
year ended June 30 , 2020 c. Prepare o Stotement of Fiduciary Ner Position far the Employees'
Retirement Fund os of June 30,2020 Complete this question by entering your answers in the tabs
below.
The Ciry of Sweetwater maimains an Employees Retirement Fund a single-emplayer defined
benefit plan that provides annuity and disabilty benefits. The fund is financed by actuarially
determined contributions fram the city's General Fund and by contributions from employees
Administration of the retirement fund is handled by Gener al 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? 2019. is shawn here During the year ended June 30.2020
, the following transactions accurted 1. The interest receivable on investments was collected in
cash 2. Member contrbutions in the amount of $272,000 were receved in cash. The city's General
Fund also contributed $810,000 in cash 3. Annuity benefits of $725,000 and disabilty benefits of
$150,000 were recorded a labilies 4 Accounts payable and accrued expenses in the amount of
$960,000 were poid in cash 5. Interest income of $244.000 and dividends in the amount of
$33,000 were recelved in cash. In addition, bond interest income of $52,000 was accrued at year-
end 6 Refunds of $78,000 were made in cash to terminated. nonvested participants 7 Common
2. stocks, carried at a foir value of $512000 were sold for $473.000 That $473.000, plus an
additional $307,000 was invested in stocks 8. Al year-end, it was determined tha the fair value of
stocks held by the pension plan had decteased by $50,000 the fair value of bonds had increased
by $33,000 9. Nominal accounts for the year were closed. Required: a. Pecord the transactions
on the books of the Employees' Retirement Fund b. Prepare o Statement of Changes in Fiduciary
Net Position for the Employees Retirement Fund for the year ended June 30.2020 . c. Prepare a
Sratement of Fiduciory Net Position for the Employees Retirement Fund as of June 30,2020
Complete this question by entering your answers in the tabs below.
