please see attachment Document Preview: ACCT567 Case Study II (Week 5)The City of Shipley maintains an Employee Retirement Fund; a single-employer, defined benefit plan that provides annuity and disability benefits. The fund is financed by a process that makes actuarially determined contributions from the city’s General Fund and by contributions that are made by the employees. The General Fund is handling the administration of the retirement fund and it does not have any administrative expenses. The Statement of Net Assets for the Employees’ Retirement Fund as of July 1, 2011 is shown below: City of Shipley Employees Retirement Fund Statement of Net Assets As of July 1, 2011Assets Cash $ 60,000 Accrued Interest Receivable 160,000 Investments, at fair value Bonds 5,500,000 Common Stock1,600,000 Total Assets $ 7,320,000Liabilities Accounts Payable and Accrued Expenses 430,000Net Assets Held in Trust for Pension Benefits $ 6,890,000The following transactions took place during the fiscal year 2012:The interest receivable on investments was collected in cash.Member contributions in the amount of $ 460,000 were received in cash, the city’s General Fund also contributed $ 700,000 in cash.Annuity benefits of $ 780,000 and disability benefits of $ 200,000 were recorded as liabilities.Accounts payable and accrued expenses in the amount of $ 820,000 were paid in cash. Interest income of $ 320,000 and dividends in the amount of $60,000 were received in cash. Bond Interest Income of $ 160,000 was accrued at the end of year.Refunds of $ 150,000 were made in cash to terminated, non-vested participating employees.Common stocks, which are carried at a fair value of $ 500,000, were sold for $472,000. The amount of the...
This question was answered on: Sep 13, 2020Buy this answer for only: $15
This attachment is locked
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this QuestionSTATUS
Sep 13, 2020EXPERT
GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.