The Pension Trust Fund maintained by the City of Linden had the following transactions during 2012. Record
Question:
The Pension Trust Fund maintained by the City of Linden had the following transactions during 2012. Record each transaction in the Pension Trust Fund. Ignore any other funds that may be involved in a transaction.
1. Contributions of $ 600,000 were received from General Fund employees, and the General Fund contributed its share of $ 100,000.
2. The fund paid $ 500 for investment management fees.
3. Investments held by the fund increased in value by $ 3,500.
4. Depreciation on fund capital assets totaled $ 800.
5. Retirement benefits of $ 7,700 were paid to retirees.
6. Interest of $ 2,500 and dividends of $ 1,400 were received from investments.
Step by Step Answer:
1 Cash 700000 Additions x pension contributions x plan members 600000 Additions x pensi...View the full answer
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Students also viewed these Accounting questions
-
Record each transaction in the Ledger. Start with the Balances given and Record each Double Entry Transaction in the Ledger. Start by recording the Carryover Balances from the previous period...
-
The City of Mountain View had the following transactions during the year, none of which have been recorded yet. Some of the transactions affect governmental activities. Some old bonds, originally...
-
The City of Lexington had the following transactions during the calendar year 2013. The transactions relate to financing and constructing a new firehouse. Lexington uses budgetary accounting in its...
-
Two thousand kg of water, initially a saturated liquid at 150C, is heated in a closed, rigid tank to a final state where the pressure is 2.5 MPa. Determine the final temperature, in C. the volume of...
-
Owen is closing a real estate transaction on a farm in Yocona, Mississippi, for $385,900. His mortgage holder requires a 25% down payment and he also must pay $60.00 to record the deed, $ 1 (X) in...
-
Discuss the relative advantages of centralized and distributed databases.
-
A distillation column with \(8.01 \mathrm{~m}\) of packing operating at total reflux separates methanol from ethanol at \(101.3 \mathrm{kPa}\). Average relative volatility is 1.69 . Methanol mole...
-
Note 7 to Starbucks 2008 Consolidated Financial Statements presents information about equity method (minority, active) investments. Required a. Starbucks 2008 net income is $315.5 million, and its...
-
Henry Crouch's law office has traditionally ordered ink refills 60 units at a time. The firm estimates that carrying cost is 40% of the $10 unit cost and that annual demand is about 240 units per...
-
In 2012, the Federal Reserve announced an inflation objective of 2 percent over the longer run for the price index of personal consumption expenditures (FRED code: PCEPI). However, many analysts...
-
Assume the same facts as stated in D8- 4 except that the Pension Trust Fund is operated by a five-member board of directors. Before the end of the current fiscal year, three of the board members...
-
Define the following terms as they apply to pension plans and other postemployment benefit plans: 1. Defined benefit plan 2. Defined contribution plan 3. Other postemployment benefits 4. Annual...
-
A restaurant owner who takes home steaks for grilling at a private party she is hosting for her friends, without properly reflecting this in the restaurants accounting records, is violating the a....
-
You are cotton farmer. Trace the supply chain from farming cotton to the end result of a Tee- shirt sold on the Boardwalk at the shore. What problems would you encounter in every step of the supply...
-
Camnet Industry is considering introducing a new line of higher end produces. Below are the company's forecast of financial data for the new products. Price per unit: $15 Quantity: ...
-
Pastoral Bakery produces an expensive variety of sourdough bread. The process for baking this bread consists of five steps, which are followed from start to finish for 50 loaves at a time. Once 50...
-
The company's "high fidelity" can produce 40 high-quality turntables per day at an average total cost of $100 per turntable. The marginal cost function is MC(Q) = 2.5. What is the total cost to...
-
There is a series of robberies of jewellery shop outlets owned by a single company. The company investigates the robberies rigorously and is unable to identify any suspects or leads. As a result, the...
-
The important point of the Porter analysis is that industry structure is a function of industry profitability. Agree or disagree with this statement.
-
A sample statistic will not change from sample to sample. Determine whether the statement is true or false. If it is false, rewrite it as a true statement.
-
What is the difference between a firms gross profit and its net income?
-
INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year ended December 31, 2017, the following transactions occurred. 1. A...
-
The Center to Advance Student Learning has presented its statement of financial position for the 2017 fiscal year. Required Upon reviewing the statement, you realize that it is not presented in...
-
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2017, follows. 1. Salaries and fringe...
-
Businesses that incorporate more debt into their capital structures tend to have lower estimated equity values according to the DCF method. True False
-
It is 1 9 8 5 and your manager, Luisa, has requested you evaluate a potential investment option. The expansion would create a second location for Luisa s Surf Shop in Malibu. Three years ago, Luisa...
-
Consider the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 -$ 423,000 -$ 39,000 1 45,000 20,200 2 61,000 13,500 3 78,000 17,600 04 4 538,000 14,400 The required return...
Study smarter with the SolutionInn App