Question

The following trial balance of the Employees’ Retirement System Fund for Bedrock City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 2018:
Cash .. .... .. . .... .. .... .. . .... .. . . .. . .. .... .. .. .. . ... $ 38,000
Due from the city .. .... .. .. .. . .. .... .. . . . . . .. .... .. .. . . 4,000
Interest receivable . .... .. .. .. . .. .... .. . . . . . .. .... .. .. . . 5,000
Investments, at fair value .. .. .. ... .. .... .. . . . . . .. .... .. . . 497,000
Due to resigned employees .. .. ... .. .... .. . . . . . .. .... .. . . (1,000)
Annuities payable . .... .. .. .. . .. .... .. . . . . . .. .... .. .. . . (3,000)
Net plan assets . .. .... .. .. .. . .. .... .. . . . . . .. .... .. .. . .. (540,000)
$ 0
Balance on June 30, 2017 . . . . .. . . .. . . . . . .. .. .. .. . . . . . .. $ 464,000
Events during 2018:
Amounts received from employees . . .. . . ... .. .... .. . . . . . 32,000
Amounts received from employer . . . .. . . ... .. .... .. . . . . . 16,000
Amount due from city at year-end . .. . . . . . .. .. .. .. . . . . . .. 4,000
Annuities paid during the year. . . . .. . . .. . .. .... .. . . .. . .. 13,000
Refunds made during the year. . . . .. . . .. . .. .... .. . . .. . .. 2,500
Annuities payable at year-end. . . . .. . . .. . .. .... .. . . .. . .. 3,000
Due to resigned employees at year-end. . . ... .. .... .. . . . . . 1,000
Investment earnings received. .. . . .. . . . . . .. .. .. .. . . . . . .. 30,000
Accrued earnings at year-end .. . . .. . . . . . .. .. .. .. . . . . . .. 5,000
Difference between carrying value and
Fair value of the investments . . . . .. . . .. . .. .... .. . . .. . .. 13,500
Administrative expenses . . .. . . . . .. . . .. . .. .... .. . . .. . .. 5,000
Balance on June 30, 2018 . . . . .. . . .. . . . . . .. .. .. .. . . . . . .. $ 540,000
Required
Prepare a statement of plan net assets and a statement of changes in plan net assets of the Employees’ Retirement System Fund for the fiscal year ended June 30, 2018.


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  • CreatedApril 13, 2015
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