Michael I. (Tutor) I want to pay for it. Please double check this homework I have already completed. Need the following: 1.Check my answers if corrected. 2.Check if I answered all the requirements. 3. Correct any errors. I am willing to pay for my request. Thank you.

A ssignment The City of Sweetwater maintains an Employees' Retirement Fund, a single-employer, defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city's General Fund and by contributions from employees. Administration of the retirement funs is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Net Assets for Employees' Retirement Fund as of July 1, 2011 is shown here: CITY OF SWEETWATER EMPLOYEES' RETIREMENT FUND STATEMENT OF NET ASSETS as of July 1, 2011 Assets: Cash A ccrued Interest Receivable Investments, at Fair Value: Bonds Common Stocks Total Assets Liabilities: Accounts Payable & Accrued Expenses Net Assets Held in Trust for Pension Benefits $50,000 135,000 4,500,000 1,300,000 5,985,000 350,000 $5,635,000 Dur ing the year ended June 30, 2012, the following t r ansactions o ccurr ed : 1. 2. 3. 4. 5. 6. 7. 8. 9. The inte re st re ce ivable o n investments was collected in cash Me mber contributions in t he amount of $ 400,000 were r eceived in cash. The C ity's General Fund a lso contr ibuted $ 600,000 in cash. Annuity be ne fits o f $ 700,000 and d isability be ne fits o f $ 150,000 were recor ded as liabilitie s . Accounts payable a nd a ccrue d e xpense s in t he amou nt of $ 900,000 wer e paid in cash . Inte res t inco me o f $ 240,000 and d ividends in the a moun t of $ 40,000 were received in cas h . In addition, b ond inte res t income o f $ 140,000 was a ccrued at ye ar -e nd . Re funds o f $ 130,000 wer e made in c as h t o t erminate d, n on -vested par ticipants. C mmon stocks, carrie d at a fair value of $ 5 0 0 ,0 0 0 , we re s old fo r $ 4 8 0 ,0 0 0 . That $ o 4 8 0 ,0 0 0 , plus and additio nal $ 3 0 0 ,00 0 , w as inve s te d in stocks. At ye ar-end, it was determined that the fair value s of stocks h eld by the pension p lan h ad d e cre ase d b y $ 5 0 ,0 0 0 ; t he fair value of bonds had i ncrease d by $ 3 0 ,0 0 0 . Nominal acco unts for the ye ar w ere clo se d. a . Re co rd t he t rans actions o n t he books of the Employe e s ' Re tire me nt Fund. b . Pre pare a Stateme nt of C hange s in Net As se ts for t he Em ploye e s ' Re tire ment Fund for the Ye ar En de d J une 3 0 , 2 0 1 2 . Pre pare a State me nt of Ne t Asse ts for the Em ploye e s; Re tire ment Fund a s of J une 3 0 , 2 0 1 2 . Solution: 1 Cash Accrued Interest Receivable Cash Additions-Contributions-Plan Members 2 Debits 135,000 135,000 1,000,000 400,000 Additions-Contributions-Employer 3 Credits 600,000 Deductions-Annuity Benefits Deductions-Disability Benefits Accounts Payable and Accrued Expenses 700,000 150,000 Accounts Payable and Accrued Expenses Cash 5 Cash Accrued Interest Receivable Additions-Investment Earnings-Interest Additions-Investment Earnings-Dividends 6 Deductions-Refunds to Terminated Employees Cash 7 Cash Investments in Common Stocks Additions-Investment Earnings-Net Increase in Fair Value of Investments Investments in Common Stocks Cash 8 Investments in Common Stocks Investments in Bonds Additions-Investment Earnings-Net Increase in Fair Value of Investments 9a. Additions-Contributions-Plan Members Additions-Contributions-Employer Additions-Investment Earnings-Interest Additions-Investment Earnings-Dividends Additions-Investment Earnings-Net Increase in Fair Value of Investments Deductions-Annuity Benefits Deductions-Disability Benefits Deductions-Refunds to Terminated Employees Net Assets Held in Trust for Pension Benefits 900,000 4 850,000 900,000 280,000 140,000 380,000 40,000 130,000 130,000 520,000 500,000 20,000 820,000 820,000 50,000 30,000 20,000 400,000 600,000 380,000 40,000 40,000 700,000 150,000 130,000 480,000 CITY OF SWEETWATER EMPLOYEES' RETIREMENT FUND STATEMENT OF NET ASSETS AS OF JUNE 30, 2012. 9b. Assets: Cash A ccrued Interest Receivable Investments, at Fair Value: Bonds Stocks Total Assets Liabilities: Accounts Payable and Accrued Expenses Net Assets Held in Trust for Pension Benefits 9c. $135,000 140,000 4,470,000 1,670,000 6,415,000 300,000 $6,115,000 CITY OF SWEETWATER EMPLOYEES' RETIREMENT FUND STATEMENT OF CHANGES IN PLAN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2012. Additions: Contributions: Employer Member Total Contributions Investment Income: Interest Dividends Net Increase in Fair Value of Investments Total Investment Income Total Additions Deductions: Annuity Benefits Disability Benefits Refunds to Terminated Employees Total Deductions Net Increase Net Assets Held in Trust for Pension Benefits: Beginning of Year End of Year $600,000 400,000 1,000,000 $380,000 40,000 40,000 460,000 1,460,000 700,000 150,000 130,000 980,000 480,000 5,635,000 $6,115,000