Homework Answers
As an Addition (contributions from employer).
Reason:-
It is an addition because the government is contributing to the fund.
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A government offers a defined contribution pension plan for police and firemen. The General Fund makes...
The village of Welch’s general government employees participate in the village’s defined contribution plan. During 2019,...
The village of Welch’s general government employees participate in the village’s defined contribution plan. During 2019, the village made $800,000 in cash contributions to its employees’ individual defined contribution pension retirement accounts. Based on benefit terms, the village of Welch needs to contribute an additional $100,000 during 2019, which had not been contributed by year end. Make the journal entries to (1) record the cash contributions and (2) record any required year-end accrual. (Assume all entries are made in the...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice The payments made by the employer to fund a defined contribution pension plan create a pension fund asset on the balance sheet of the employer. The employer receives a tax deduction for amounts contributed to the pension plan trust and subsequent investment retums do not generate tax for the employer. The anticipated life span of the employees after retirement must be taken into consideration...
What is the difference between a defined benefit and a defined contribution retirement plan? Multiple Choice...
What is the difference between a defined benefit and a defined contribution retirement plan? Multiple Choice Defined benefit plans allow employees to set aside money on a tax-exempt basis. Defined contribution plans allow employees to determine a specific amount of money they wish to receive upon retirement. Defined contribution plans allow employees to contribute a set amount toward their retirement plan while employed. Defined benefit plans limit employee contributions while employed.
When does a government that participates in a defined contribution plan report a pension or OPEB...
When does a government that participates in a defined contribution plan report a pension or OPEB liability in its financial statements?
1) An internal service fund received an interfund transfer of $50,000 cash from the general fund....
1) An internal service fund received an interfund transfer of $50,000 cash from the general fund. This transfer should be reported in the statement of revenues, expenses, and changes in fund net position as a) An account payable. b) An item below non-operating revenues and expenses. c) A revenue. d) An other financing source. 2) If the government is merely a cash conduit, grants that are to be transferred to secondary recipients by a local government should be accounted for...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation at January 1, 2020 - $627,000 Fair value of plan assets at January 1, 2020 - $600,000 Current service cost - $82,000 Cost of past service benefits granted effective December 31, 2020 - $34,000 Actual return on plan assets - $70,000 Contributions to plan - $87,000 Benefits paid - $ 45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
P19.12 You are the auditor of Beaton and Gunter Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of e
P19.12 You are the auditor of Beaton and Gunter Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of employment, and benefits vest immediately. You have received the following information from the fund trustee for the year ended December 31, 2020: Discount rate 5% Rate of compensation increase 3.5% Defined Benefit Obligation Defined benefit obligation at January 1,...
I need help plz Robert has six investment options for his defined contribution plan which include:...
I need help plz Robert has six investment options for his defined contribution plan which include: 1) money market fund; 2) Cdn bond fund; 3) Cdn balanced fund; 4) International balanced fund; 5) Cdn equity fund and 6) International equity fund. Where should he invest the funds for maximum growth? Assuming he gets 8% annual compound returns what is the expected future value of the pension at his age 65? (4 marks) ADDITIONAL INFORMATION: Age: Robert is currently 30 years...
for the first and second part to this question to record fund financial statements and government...
for the first and second part to this question to record fund
financial statements and government wide ,
we use these accounts for journal entries
allowance for uncollectible current taxes
bonds payable
cash
deferred revenues
encumbrances
encumbrances-equipment
encumbrences- warehouse
encumbrences outstanding
expenditure control- machinery and equip
fund balance - reserved for encumbrances
grant recievable
inventory supplies
machinery and equip
other financing sources- bond proceeds
other financing sources - transfers in
other financing uses - transfers out
revenues- property taxes
taxes...
On October 1 2019, the City of Thomasvillessed 55.000,000 in 4% general obligation bonds at 101...
On October 1 2019, the City of Thomasvillessed 55.000,000 in 4% general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of 54,968.750 was used to construct the addition, which was completed prior to June 30, 2020. The remaining funds were transferred to the debt service fund. The bonds were dated October 1 2019, and paid interest on April 1 and October 1. The...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice The payments made by the employer to fund a defined contribution pension plan create a pension fund asset on the balance sheet of the employer. The employer receives a tax deduction for amounts contributed to the pension plan trust and subsequent investment retums do not generate tax for the employer. The anticipated life span of the employees after retirement must be taken into consideration...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation at January 1, 2020 - $627,000 Fair value of plan assets at January 1, 2020 - $600,000 Current service cost - $82,000 Cost of past service benefits granted effective December 31, 2020 - $34,000 Actual return on plan assets - $70,000 Contributions to plan - $87,000 Benefits paid - $ 45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
for the first and second part to this question to record fund
financial statements and government wide ,
we use these accounts for journal entries
allowance for uncollectible current taxes
bonds payable
cash
deferred revenues
encumbrances
encumbrances-equipment
encumbrences- warehouse
encumbrences outstanding
expenditure control- machinery and equip
fund balance - reserved for encumbrances
grant recievable
inventory supplies
machinery and equip
other financing sources- bond proceeds
other financing sources - transfers in
other financing uses - transfers out
revenues- property taxes
taxes...
On October 1 2019, the City of Thomasvillessed 55.000,000 in 4% general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of 54,968.750 was used to construct the addition, which was completed prior to June 30, 2020. The remaining funds were transferred to the debt service fund. The bonds were dated October 1 2019, and paid interest on April 1 and October 1. The...
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