Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,420,000; benefits paid during the period $1,330,000; contributions made during the period $1,080,000; and fair value of the plan assets at the end of the period $10,040,000.
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- Please put all of the necessary information and computations for better understanding. Thank you.In the case of grants related to an asset, which of these accounting treatments (balance sheet presentation) is prescribed by IAS 20? (a) Record the grant at a nominal value in the first year and write it off in the subsequent year. (b) Either set up the grant as deferred income or deduct it in arriving at the carrying amount of the asset. (c) Record the grant at fair value in the first year and take it to income in the subsequent year. (d) Take it to the income statement and disclose it as an extraordinary gain.Actuarial gain or loss - plan assets Fair value of plan assets (1 July 2013) Plus: Return on plan assets (6% x $94 356 000) Contributions Minus: Benefits paid Actuarial Fair value of plan assets (30 June 2014) Required: Select a correct answer for each blank. $94 356 000 5 661 360 8 640 000 (15 552 000) $95 832 000
- A Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the total defined benefit cost?The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000Contracts Payable—Retained Percentage. . . . . . . . . . . 110,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…You were asked to analyze the information given below in the Trial Balance of the Consolidated Fund for the year ended 31 December, 2023 of Country A and to prepare a Statement of Financial Performance. Use the information provided to answer questions 1-3. Dr Cr Taxes Salaries $11,400 $5,100 Grants $7,930 Fines $3098 Contract retention $6,200 Sale of building $1,750 Allowances $3,705 Administrative cost $2,786 Utility bills $3,892 Withholding tax $2,540 Purchase of equipment $8,055 Other expenditure $1,920 Accumulated Fund $7,460 $32,918 $32,918 Note: Salaries outstanding for the year was $2,700. What was the total revenue collected? ○ A. $32,918 ○ B. $24,178 O C. $30,378 ○ D. $26,718
- Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.The City of Minden entered into the following transactions during the year 2026. 1. 2. 3. 4. 5. 6. 7. 8. 9. A bond issue was authorized by vote to provide funds for the construction of a new municipal building, which it was estimated would cost $1,080,000. The bonds are to be paid in 10 equal installments from a Debt Service Fund, and payments are due March 1 of each year. Any premium on the bond issue, as well as any balance of the Capital Projects Fund, is to be transferred directly to the Debt Service Fund. An advance of $74,000 was received from the General Fund to underwrite a deposit on the land contract of $111,000. The deposit was made. Bonds of $992,000 were sold for cash at 102. It was decided not to sell all the bonds because the cost of the land was less than expected. Contracts amounting to $884,000 were let to Sunny and Company, the low bidder, for construction of the municipal building. The temporary advance from the General Fund was repaid and the balance on the land…Based upon the provided information, how would I be able to calculate the Amortization of prior service costs and expected return on the plan assets? Additionally, would you be able to please help me understand what formula to use in these two calculations and why you use those. Thank you!
- General Accounting4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…49) A Capital Projects Fund awards the construction of a building to a construction contractor at a contract cost of $1,000,000. What entry is prepared by the Capital Projects Fund? A) Debit Expenditures $1,000,000, Credit Liability $1,000,000 B) Debit Building $1,000,000, Credit Expenditures $1,000,000 C) Debit Other Financing Uses $1,000,000, Credit Expenditures $1,000,000 D) Debit Encumbrances $1,000,000, Credit Reserve for Encumbrances $1,000,000 50) Which statement below is incorrect with respect to the Government-wide financial statements? A) All governmental fund categories must convert to the modified accrual basis of accounting. B) It is necessary to eliminate interfund balances within the governmental funds. C) Capital lease liabilities associated with governmental funds must be included on the Government-wide financial statements. D) All fixed assets and long-term debt for governmental funds must be included on the Government-wide financial statements.
