Record transactions on books of employees retirement fund

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Reference no: EM131333925

Net Assets and Employees' Retirement Fund

The City of Sweetwater maintains an Employee's Retirement Fund, a single-employer, defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city's General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Net Assets for the Employees' Retirement Fund as of July 1, 2014, is shown here:

CITY OF SWEETWATER
Employees' Retirement Fund
Statement of Fiduciary Net Position
As of July 1, 2014

Assets
Cash $120,000
Accrued Interest Receivable 65,000
Investments, at Fair Value:
Bonds 4,500,000
Common Stocks 1,300,000
Total Assets 5,985,000
Liabilities
Accounts Payable and Accrued Expenses 350,000
Fiduciary Net PositionRestricted for Pensions 5,635,000

Review the financial information pertaining to the City of Sweetwater. Review the transactions that occurred during the year ended July 1, 2014 and complete the following:

a. Record the transactions on the books of the Employees' Retirement Fund.

b. Prepare a Statement of Changes in Net Assets for the Employees' Retirement Fund for the Year Ended July 1, 2014.

c. Prepare a Statement of Net Assets for the Employees' Retirement Fund as of July 1, 2014

Reference no: EM131333925

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