Business, 14.03.2020 06:25 andrejr0330jr
The City of Monroe Police Department pension plan, a single-employer, defined-benefit plan, reported the following account balances as of January 1, 2015:
Debits
Credits
Cash
$140,000
Accrued Interest Receivable
72,000
Investments: Bonds
5,300,000
Investments: Common Stock
2,790,000
Accounts Payable
$27,000
Net Assets Held in Trust for Employee Benefits
8,275,000
Totals
$ 8,302,000
$8,302,000
Required:
a. Open a general journal for the City of Monroe Police Department Pension Trust Fund and record the following transactions for the year ending December 31, 2015:
(1) Member contributions were received in the amount of $400,000. The City General Fund contributed the same amount.
(2) Interest was received in the amount of $386,900, including the accrued interest receivable at the beginning of the year. The interest accrual at year end amounted to $86,000.
(3) During the year, common stock dividends amounted to $125,000.
(4) Investments were made during the year in common stock in the amount of $575,000.
(5) Annuity benefits in the amount of $377,400, disability benefits of $ 82,020 and refunds to nonvested terminated employees of $39,800 were recorded as liabilities.
(6) Accounts payable, in the amount of $507,500, were paid in cash.
(7) During the year, common stock valued at $505,000 was sold for $506,800. A portion of these funds, $502,000 were invested in common stock of a different company.
(8) At year-end, the market value of investments in bonds increased by $12,750; the market value of investments in stocks decreased by $5,770.
b. Post the entries to the Police Department Pension Trust ledger (t-accounts).
c. Prepare and post an entry closing all nominal accounts to Net Assets.
Answers: 3
Business, 21.06.2019 18:40
Alyssa works for an engineering firm that has been hired to design and supervise the construction of a highway bridge over a major river. the bridge will be a unique design, incorporating complex designs that will likely never be duplicated. how should alyssa deal with designing and overseeing the building of the bridge?
Answers: 3
Business, 21.06.2019 20:30
Goods and services that can be used for the same purpose are and goods and services that are used together are
Answers: 1
Business, 22.06.2019 06:30
Select all that apply. select the ways that labor unions can increase wages. collective bargaining reducing the labor supply increasing the demand for labor creating monopolies
Answers: 1
Business, 22.06.2019 09:50
phillips, inc. had the following financial data for the year ended december 31, 2019. cash $ 41,000 cash equivalents 75,000 long term investments 59,000 total current liabilities 149,000 what is the cash ratio as of december 31, 2019, for phillips, inc.? (round your answer to two decimal places.)
Answers: 3
The City of Monroe Police Department pension plan, a single-employer, defined-benefit plan, reported...
Mathematics, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50
English, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50
Health, 04.12.2020 22:50
Biology, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50
Mathematics, 04.12.2020 22:50