Hopeless Village maintains a single employer pension trust for its firefighters. The information below pertains to...

 

 

 

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Hopeless Village maintains a single employer pension trust for its firefighters. The information below pertains to the firefighters' pension trust at December 31, 2021 All amounts were taken from the adjusted trial balance (i.e. all adjusting entries have been made): Cash and cash equivalents $ 11,000 v Interest receivable 200 Investments at fair value 146,000 Accrued administrative costs 400 Net position restricted for pensions (as of 12/31 20) Employee contributions V Employer contributions V Investment income-interest 135,800 44,000 96,000 3,500 Investment income-dividends 1,500 Investment income-realized gains from selling investments Investment income-unrealized losses from holding investments investment expenses 5,000 (13,000) 1,100 Administration expenses 8,000 V Annuity benefits V Disability benefits Refunds to terminated employees 90,000 11,400 6,500 Additional information: V Pension liability at December 31, 2020 Pension liability at December 31, 2021 245,694 251,290 Required: A. Prepare, in good form, the statement of changes in fiduciary net position for 2021. B. Compute the Village's funded percentage for its firefighters' pensions at December 31, 2021. Problem 5: Financial statements for a pension trust fund Part A: Part B: Funded percentage Description of each amount Amounts/% A: В: $ B+A: Hopeless Village maintains a single employer pension trust for its firefighters. The information below pertains to the firefighters' pension trust at December 31, 2021 All amounts were taken from the adjusted trial balance (i.e. all adjusting entries have been made): Cash and cash equivalents $ 11,000 v Interest receivable 200 Investments at fair value 146,000 Accrued administrative costs 400 Net position restricted for pensions (as of 12/31 20) Employee contributions V Employer contributions V Investment income-interest 135,800 44,000 96,000 3,500 Investment income-dividends 1,500 Investment income-realized gains from selling investments Investment income-unrealized losses from holding investments investment expenses 5,000 (13,000) 1,100 Administration expenses 8,000 V Annuity benefits V Disability benefits Refunds to terminated employees 90,000 11,400 6,500 Additional information: V Pension liability at December 31, 2020 Pension liability at December 31, 2021 245,694 251,290 Required: A. Prepare, in good form, the statement of changes in fiduciary net position for 2021. B. Compute the Village's funded percentage for its firefighters' pensions at December 31, 2021. Problem 5: Financial statements for a pension trust fund Part A: Part B: Funded percentage Description of each amount Amounts/% A: В: $ B+A:

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Answer Village of Hopeless Statement of changes in fiduciary net position Pri... View the full answer