Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 11.00

Pension Plan Financial Statements

Pension Plan Financial Statements. The State of Nodak operates a Public Employees Retirement System (PERS) for all employees of the state. The pre-closing trial balance of the PERS as of June 30, 2011, follows (in thousands of dollars):

 

Debits

Credits

Cash

$ 16,000

  

Accrued Interest Receivable

33,200

  

Investments

2,002,000

  

Equipment and Fixtures

25,200

  

Accumulated Depreciation—Equipment and

    

Fixtures

  

$ 3,100

Accounts Payable and Accruals

  

33,400

Net Assets Held in Trust for Pension Benefits,

    

July 1, 2010

  

1,577,000

Member Contributions

  

112,100

Employer Contributions

  

197,800

Interest and Dividend Income

  

199,700

Net Change in Fair Value of Investments

  

58,800

Annuity Benefits

53,900

  

Disability Benefits

14,000

  

Refunds to Terminated Employees

28,800

  

Administrative Expenses

8,800

  

Total

$2,181,900

$2,181,900

Required

a. Prepare a statement of changes in plan net assets for the State of Nodak Public Employees Retirement System for the year ended June 30, 2011, in as much detail as possible.

b. Prepare a statement of plan net assets as of June 30, 2011, for the State of Nodak Public Employees Retirement System.

c. Explain how the State of Nodak (the employer) would report its participation in the state PERS at the fund level and at the government-wide level.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 12:07 AM My Price 11.00

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