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Penn County provides a defined benefit pension plan for its employees.

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Penn County provides a defined benefit pension plan for its employees. The County accounts for the pension plan in a Pension Trust Fund in the County's basic financial statements. The County engaged in the following transactions related to the Pension Trust Fund. Prepare all necessary entries. Clearly indicate the fund in which the entry is being made. If no entry is needed, please write "No Entry Required.";a) In Year 1, the Pension Trust Fund sent billings to the General Fund and the City Utility Enterprise Fund for the actuarially determined amount of required contributions. The General Fund was billed $200,000 but paid only $150,000 during the year. The Enterprise Fund was billed $300,000 and paid $350,000.;b) In Year 2, the Pension Trust Fund sent billings to the General Fund and the City Utility Fund for the actuarially determined amount of required contributions. The General Fund was billed $210,000 and paid the entire amount plus $20,000 on last year's underpayment. The Enterprise Fund was billed $320,000 and paid only $250,000

 

Paper#26415 | Written in 18-Jul-2015

Price : $22
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