P10-7 2 - $ 45 End-of-Year Balances Cash on hand, December...

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P10-7 The basic financial statements of a pension plan provide only limited amounts of information as to its economic condition . The following information relates to the Lincoln County Firefighters’ Pension Plan (dollar amounts in millions): Beginning-of-Year Balances Cash and cash equivalents, January 1 $ 67 Marketable securities and other investments at fair value, January 1 $3,180 Current liabilities to retirees, January 1 $ 4 Actuarial accrued liability, January 1 $3,430 Transactions During the Year Contributions received during the year from employers and employees $ 138 Benefits to which retirees were entitled during the year $ 120 Benefits actually paid to retirees, including amounts owed from prior year $ 122 Interest and dividends earned during the year $ 145 Net appreciation in fair value of marketable securities and other investments (i.e., realized and unrealized gains) during the year $ 36 Investment and administrative expenses
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Unformatted text preview: $ 45 End-of-Year Balances Cash on hand, December 31 $ 92 Marketable securities and other investments at fair value, December 31 $3,307 Current liabilities to retirees, December 31 $ 2 Actuarial accrued liability, December 31 $3,690 1. Prepare a statement of plan net assets available for benefits (balance sheet) as of January 1. You may not have to include all of the data provided. Lincoln County Firefighters Pension Plan Statement of Net Assets available for benefits (balance sheet) January 1, 2011 Cash 67 Marketable securities and other investments 3,180 Total Assets 3,247 Less: Liabilities to current retirees (4) Net assets available for benefits 3,243 2. Prepare a statement of changes in plan net assets available for benefits (statement of activities) for the year. 3. Prepare a statement of plan net assets available for benefits (balance sheet) as of December 31....
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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P10-7 2 - $ 45 End-of-Year Balances Cash on hand, December...

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