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 contributed $5,000,000 to the pension plan. Its unfunded pension liability increased by $3,000,000 (all classified as unmatured).
2. The county contributed $4,500,000 to the pension plan. Its unfunded pension liability increased by $3,500,000 (all classified as unmatured).
3. The county contributed $4,200,000 to the pension plan. The matured portion of its unfunded pension liability increased $150,000.
4. The county contributed $9,000,000 to the pension plan. The matured portion of its unfunded pension liability decreased $200,000.

(OPEB and Claims and Judgments—New York City) The City of New York, New York, reported the following liabilities, among others, at June 30 of the years indicated. The

amounts in the table are stated in thousands of dollars.

Year

Liability for

20X2

20X3

Scheduled Reduction by June 30, 20X4

Judgments and claims

$ 4,810,471

$ 5,018,908

$ 1,360,426

Vacation and sick leave

2,593,691

2,840,213

247,937

Pensions

806,200

764,000

Other postemployment benefits (OPEB)

50,000,000

53,507,451

1,400,000

None of these liabilities were due and payable at the indicated dates. The amounts the city paid during the 20X2–20X3 fiscal year for each of these categories are

presented in the following table.

20X2–20X3 Payments for

Judgments and claims

$ 516,801

Vacation and sick leave

247,937

Pensions

4,015,000

Other postemployment benefits (OPEB)

2,182,871

Required

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

shown relate to General Fund departments and activities, for:
1. Judgments and claims
2. Vacation and sick leave
3. Pensions
4. OPEB
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

20X3, respectively? (Based on a recent City of New York, New York, Comprehensive Annual Financial Report.)

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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 contributed $5,000,000 to the pension plan. Its unfunded pension liability increased by $3,000,000 (all classified as unmatured).
2. The county contributed $4,500,000 to the pension plan. Its unfunded pension liability increased by $3,500,000 (all classified as unmatured).
3. The county contributed $4,200,000 to the pension plan. The matured portion of its unfunded pension liability increased $150,000.
4. The county contributed $9,000,000 to the pension plan. The matured portion of its unfunded pension liability decreased $200,000.

(OPEB and Claims and Judgments—New York City) The City of New York, New York, reported the following liabilities, among others, at June 30 of the years indicated. The

amounts in the table are stated in thousands of dollars.

Year

Liability for

20X2

20X3

Scheduled Reduction by June 30, 20X4

Judgments and claims

$ 4,810,471

$ 5,018,908

$ 1,360,426

Vacation and sick leave

2,593,691

2,840,213

247,937

Pensions

806,200

764,000

Other postemployment benefits (OPEB)

50,000,000

53,507,451

1,400,000

None of these liabilities were due and payable at the indicated dates. The amounts the city paid during the 20X2–20X3 fiscal year for each of these categories are

presented in the following table.

20X2–20X3 Payments for

Judgments and claims

$ 516,801

Vacation and sick leave

247,937

Pensions

4,015,000

Other postemployment benefits (OPEB)

2,182,871

Required

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

shown relate to General Fund departments and activities, for:
1. Judgments and claims
2. Vacation and sick leave
3. Pensions
4. OPEB
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

20X3, respectively? (Based on a recent City of New York, New York, Comprehensive Annual Financial Report.)

Leave a Reply

Your email address will not be published. Required fields are marked *