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Harvey city comprehensive case solutions

05/11/2020 Client: papadok01 Deadline: 3 days

a. Prepare a worksheet for the Police and Fire Pension Trust Fund similar to the General Fund worksheet you created in Chapter 4. Enter the effects of the following transactions and events in the appropriate columns of the worksheet. (A different solution approach may be used if desired by your professor.)

b. Enter the preclosing trial balance in the appropriate worksheet columns.

c. Enter the preclosing trial balance amounts in the closing entry (operating statement data) and postclosing trial balance (balance sheet data) columns, as appropriate.

d. Prepare the 20X4 Statement of Changes in Net Position for the Police and Fire Pension Trust Fund.

e. Prepare the year-end 20X4 Statement of Net Position for the Police and Fire Pension Trust Fund. (Freeman 509)
Freeman, Robert J., Craig Shoulders, Gregory Allison, G. Smith, Jr.. Governmental and Nonprofit Accounting, 10th Edition. Pearson Learning Solutions, 7/2012. VitalBook file.

BEGINNING 20X4 TRIAL BALANCE

The January 1, 20X4, trial balance for the Harvey City Police and Fire Pension Trust Fund is presented here:

Harvey City

Police and Fire Pension Trust Fund

Trial Balance

January 1, 20X4

Debit

Credit

Cash

$ 120,000

Investments

1,271,800

Accrued Interest Receivable

8,600

Due to Resigned Employees

$ 400

Net Position—Restricted for Pension Benefits

1,400,000

Totals

$1,400,400

$1,400,400

TRANSACTIONS AND EVENTS—20X4

1. Employer contributions of $60,200 were received from the General Fund by the Police and Fire Pension Trust Fund, which is administered by the city.

2. The city purchased investments costing $60,200 for the Police and Fire Pension Trust Fund with the contributions.

3. Refunds of $9,000, which included $400 accrued at the end of 20X3, were paid to terminated employees. The amounts refunded relate to contributions made by the terminated employees prior to 20X3 when the city increased its contributions and eliminated the requirement for employee contributions.

4. Administrative costs of $9,400 were incurred during the fiscal year. Of this amount, $8,700 was paid.

5. Retirement benefits of $78,000 were paid to retirees. Another $1,000 of retirement benefit payments was accrued at year end.

6. The accrued interest receivable of $8,600 from last year plus $60,000 of current year interest revenues were received.

7. Interest at year end was accrued, $65,000. The fair value of investments increased by $17,000. (Freeman 509)
Freeman, Robert J., Craig Shoulders, Gregory Allison, G. Smith, Jr.. Governmental and Nonprofit Accounting, 10th Edition. Pearson Learning Solutions, 7/2012. VitalBook file.

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