Carol County administers a pension trust fund for some of its employees. The following represents some...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Carol County administers a pension trust fund for some of its employees. The following represents some of the transactions recorded by the Carol County Pension Trust Fund. 1. Employee member cash contributions for the year totaled $80,437 and employer cash contributions totaled $68,370. 2. Investments of S110,000 were made. 3. Interest earnings of $39,960 were received and recorded. 4. Investments totaling $225,000 were sold. Earnings and dividends on the investments sold totaled $2,812. 5. Annuity benefits of $259,493 were paid to retirees. 6. Administrative expenses of $4,617 were accrued. 7. Accrued interest on investments totaled $12,290 at year-end. Required a, Make journal entries for each of the foregoing transactions in the Carol County Pension Trust Fund. b. How would the Carol County Pension Trust Fund be reported on the county's financial statements? Carol County administers a pension trust fund for some of its employees. The following represents some of the transactions recorded by the Carol County Pension Trust Fund. 1. Employee member cash contributions for the year totaled $80,437 and employer cash contributions totaled $68,370. 2. Investments of S110,000 were made. 3. Interest earnings of $39,960 were received and recorded. 4. Investments totaling $225,000 were sold. Earnings and dividends on the investments sold totaled $2,812. 5. Annuity benefits of $259,493 were paid to retirees. 6. Administrative expenses of $4,617 were accrued. 7. Accrued interest on investments totaled $12,290 at year-end. Required a, Make journal entries for each of the foregoing transactions in the Carol County Pension Trust Fund. b. How would the Carol County Pension Trust Fund be reported on the county's financial statements?
Expert Answer:
Answer rating: 100% (QA)
A B Step 1 Fund Base Accounting Under this we have to make seperate books for each fund to report in... View the full answer
Posted Date:
Students also viewed these accounting questions
-
A CPA firm has many clients. For some of its clients, it relies very heavily on the work of the internal auditors, while for others it does not. The amount of reliance affects the fees charged. How...
-
Leisure City maintains a Pension Trust Fund for its employees. Following is a trial balance for the fund at December 31, 2011: The following transactions took place during 2012: 1. Both Leisure City...
-
A local university offers its employees the following Fidelity investment products for their retirement plans: Fidelity Total Bond Fund Fidelity Short-Term Bond Fund Fidelity Magellan Fund ...
-
The cost formula for the maintenance department of Rainbow, Ltd., is $19,400 per month plus $7,70 per machine hour used by the production department. Required: a. Calculate the maintenance cost that...
-
Refer to the previous exercise. MINITAB reports the results below for the multiple regression of y = crime rate on x1 = median income (in thousands of dollars) and x2 = urbanization. Results of...
-
Define the following terms: primary market, secondary market, capital market, and money market.
-
A square loop of side length \(100 \mathrm{~mm}\) is placed on a wooden table in a uniform magnetic field of magnitude \(0.25 \mathrm{~T}\). The greatest magnetic flux through the loop is measured...
-
1. What are Honest Teas competitive advantages? 2. Look at the list you generated. Which is most important to you as a consumer and why? 3. Given what you already know about Honest Teas business...
-
The definition, " ' Chiropractor ' means a person who is a medical quack with no legitimate scientific background," is an example of: Theoretical definition Definition by subclass Persuasive...
-
The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2021: Penske Stanza Revenues $ (834,000 ) $ (500,000 ) Cost of goods sold 296,900 125,000...
-
The head loss due to friction in turbulent flow in a closed section pipe is given by the Darcy equation: v h = 1 = 1 = 29 All the parameters in the above equation, except for the friction factor, f,...
-
The gas phase decomposition of dinitrogen pentoxide at 335 K NO5 (g) 2 NO (g) + /2O (g) is first order in NO5 with a rate constant of 4.70 10 s. If the initial concentration of NO5 is 0.211 M, the...
-
Using the information in the table, the value of the rate constant for the reaction A(g) + 3 B(g) C(g) + 2 D(g) is [A]. (M) 1.25 1.25 3.75 [B]. (M) 0.100 0.300 0.200 Ra 0.8 2.5 5.1
-
A certain reaction has an activation energy of 62.0 kJ/mol and a frequency factor of A = 3.10x102 M-1.s. What is the rate constant, k, of this reaction at 29.0 C ? Express your answer with the...
-
One of the following structures does not fit with the others. Circle it. Justify your choice.coOm. U x F
-
Convert henry's constant K _ h from 3 * 1 0 ^ 3 M / atm to henry's constant K _ h in atm * m ^ 3 / mol units
-
OCCYPATIONAL HEALTH AND SAFETY 1. What are the three basic rights that apply to all Canadian employees with regards to Occupational Health & Safety? a. Right to be present, right to particpate, right...
-
The process of collaborative goal setting by a manager and subordinate, the extent to which goals are accomplished is a major factor in evaluating and rewarding the subordinate's performance. It is...
-
What are the main phases of a design review?
-
Classify these Bluetooth layers using the OSI model: a. baseband; b. L2CAP; c. RFCOMM.
-
Use the power state machine of Fig. 8.12 to determine the energy used in these use cases: a. idle 1 s; receive 10 ms; idle 0.1 s; transmit 5 s; b. sleep 1 min; receive 50 ms; idle 0.1 s; receive 100...
Study smarter with the SolutionInn App