bear any d the Employees Retiremeill Il CITY OF SWEETWATER Employees\' Retiremen
ID: 2548361 • Letter: B
Question
bear any d the Employees Retiremeill Il CITY OF SWEETWATER Employees' Retirement Fund Statement of Fiduciary Net Position As of July 1, 2016 Assets Cash Accrued Interest Receivable Investments, at Fair Value: 55.000 4,500,000 1,300,000 5,985,000 Bonds Common Stocks Total Assets Liabilities Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for Pensions 350,000 $5,635.000 During the year ended June 30, 2017, the following transactions occurred 1. The interest receivable on investments was collected in cash. 2. Member contributions in the amount of $275,000 were received in cash The city's General Fund also contributed $800,000 in cash.Explanation / Answer
a) CITY OF SWEETWATER Account Titles and Explanations Debit Credit 1) Cash $55,000.00 Accrued Interest Receivables $55,000.00 2) Cash $1,075,000.00 Additions- Contributions- Plan Members $275,000.00 Additions- Contributions- Employer $800,000.00 3) Deductions- Annuity Benefits $730,000.00 Deductions- Disabled Benefits $160,000.00 Accounts payable & Accrued Expenses $890,000.00 4) Accounts payable & Accrued Expenses $950,000.00 Cash $950,000.00 5) Cash $230,000.00 Accrued Interest Receivables $45,000.00 Additions- Investment Earnings-Interest $235,000.00 Additions- Investment Earnings-Dividends $40,000.00 6) Deductions-Refunds to Terminated Employeee $79,000.00 Cash $79,000.00 7) Cash $475,000.00 Additions- Investment Earnings-net decrease in fair value of investment $25,000.00 Investment in Common stock $500,000.00 Investment In Common Stock ($475000+$305000) $780,000.00 Cash $780,000.00 8) Investments in Bonds $33,000.00 Additions- Investment Earnings-net decrease in fair value of investment $9,000.00 Investment in Common stock $42,000.00 9) Additions- Contributions- Plan Members $275,000.00 Additions- Contributions- Employer $800,000.00 Additions- Investment Earnings-Interest $235,000.00 Additions- Investment Earnings-Dividends $40,000.00 Additions- Investment Earnings-net decrease in fair value of investment $34,000.00 Deductions- Annuity Benefits $730,000.00 Deductions- Disabled Benefits $160,000.00 Deductions-Refunds to Terminated Employee $79,000.00 Net Assets held in trust for pension benefit $347,000.00
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