Small Assignment\/Government Accounting Homework<\/p>\n
(Pension Entries) Assume that the actuarially required pension plan contribution for a county for its general government employees is $8,000,000. Compute the pension<\/p>\n
expenditures to be reported in each of the following situations:<\/p>\n
1. The county contributed $5,000,000 to the pension plan. Its unfunded pension liability increased by $3,000,000 (all classified as unmatured).
\n 2. The county contributed $4,500,000 to the pension plan. Its unfunded pension liability increased by $3,500,000 (all classified as unmatured).
\n 3. The county contributed $4,200,000 to the pension plan. The matured portion of its unfunded pension liability increased $150,000.
\n 4. The county contributed $9,000,000 to the pension plan. The matured portion of its unfunded pension liability decreased $200,000.<\/p>\n
(OPEB and Claims and Judgments\u2014New York City) The City of New York, New York, reported the following liabilities, among others, at June 30 of the years indicated. The<\/p>\n
amounts in the table are stated in thousands of dollars.<\/p>\n
Year<\/p>\n
Liability for<\/p>\n
20X2<\/p>\n
20X3<\/p>\n
Scheduled Reduction by June 30, 20X4<\/p>\n
Judgments and claims<\/p>\n
$ 4,810,471<\/p>\n
$ 5,018,908<\/p>\n
$ 1,360,426<\/p>\n
Vacation and sick leave<\/p>\n
2,593,691<\/p>\n
2,840,213<\/p>\n
247,937<\/p>\n
Pensions<\/p>\n
806,200<\/p>\n
764,000<\/p>\n
\u2014<\/p>\n
Other postemployment benefits (OPEB)<\/p>\n
50,000,000<\/p>\n
53,507,451<\/p>\n
1,400,000<\/p>\n
None of these liabilities were due and payable at the indicated dates. The amounts the city paid during the 20X2\u201320X3 fiscal year for each of these categories are<\/p>\n
presented in the following table.<\/p>\n
20X2\u201320X3 Payments for<\/p>\n
Judgments and claims<\/p>\n
$ 516,801<\/p>\n
Vacation and sick leave<\/p>\n
247,937<\/p>\n
Pensions<\/p>\n
4,015,000<\/p>\n
Other postemployment benefits (OPEB)<\/p>\n
2,182,871<\/p>\n
Required<\/p>\n
a. Calculate the amount of General Fund expenditures that the City of New York must report for the fiscal year ended June 30, 20X3, assuming that all the amounts<\/p>\n
shown relate to General Fund departments and activities, for:
\n 1. Judgments and claims
\n 2. Vacation and sick leave
\n 3. Pensions
\n 4. OPEB
\n b. How would your answers differ if 10% of each of the liability balances presented in the first schedule were due and payable at the end of 20X2 and the end of<\/p>\n
20X3, respectively? (Based on a recent City of New York, New York, Comprehensive Annual Financial Report.)<\/p>\n","protected":false},"excerpt":{"rendered":"
Small Assignment\/Government Accounting Homework (Pension Entries) Assume that the actuarially required pension plan contribution for a county for its general government employees is $8,000,000. Compute the pension expenditures to be reported in each of the following situations: 1. The county Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-237121","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/237121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=237121"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/237121\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=237121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=237121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=237121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}