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8-1. Internet CaseCalPERS. While the examples in this chapter have focused on a single-employer plan, many states operate statewide plans, referred to as Public Employee Retirement Systems (PERS), to which multiple employers contribute. One of the largest PERS plans in the nation is operated in the State of California. Required To answer the following questions use the Web site found at www.calpers.ca.gov. The answers to the questions can be found in CalPERS's annual report or in the general information section provided on the site. a. When was CalPERS established? b. What types of employers contribute to CalPERS? c. How many individuals are served by CalPERS? d. How many and what types of funds are administered by CalPERS? e. For the most recent reporting period, what is the value of total fiduciary assets? f. For the most recent reporting period, what was the change in pension fund net assets? g. What are the funded ratios from the schedule of funding progress and what do the funded ratios tell you? h. What is the reporting relationship between CalPERS and the State of California? 8-4. Tax Agency Fund. The county collector of Lincoln County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency fund deducts 1 percent from the collections for the town, the school district, and the townships. The total amount deducted is added to the collections for the county and remitted to the Lincoln County General Fund. The following events occurred in 2011: County General Fund $ 2,752,000 Town of Smithton General Fund 4,644,000 Lincoln Co. Consolidated School District 7,912,000 Various townships 1,892,000 Total $17,200,000 2. $8,400,000 of current taxes was collected during the first half of 2011. 3. Liabilities to all funds and governments as the result of the first half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.) 4. All money in the tax agency fund was distributed. Required a. Make journal entries for each of the foregoing transactions that affected the tax agency fund. b. Make journal entries for each of the foregoing transactions that affected the Lincoln County General Fund. Begin with the tax levy entry, assuming 3 percent of the gross levy will be uncollectible. c. Make journal entries for each of the foregoing entries that affected the Town of Smithton General Fund. Begin with the tax levy entry, assuming 3 percent of the gross levy will be uncollectible. d. Which financial statements would be prepared by the tax agency fund? 8-9. Pension Plan Financial Statements. The State of Nodak operates a Public Employees Retirement System (PERS) for all employees of the state. The pre-closing trial balance of the PERS as of June 30, 2011, follows (in thousands of dollars): Cash $ 16,000 Accrued Interest Receivable 33,200 Investments 2,002,000 Equipment and Fixtures 25,200 Accumulated DepreciationEquipment and Fixtures $ 3,100 Accounts Payable and Accruals 33,400 Net Assets Held in Trust for Pension Benefits, July 1, 2010 1,577,000 Member Contributions 112,100 Employer Contributions 197,800 Interest and Dividend Income 199,700 Net Change in Fair Value of Investments 58,800 Annuity Benefits 53,900 Disability Benefits 14,000 Refunds to Terminated Employees 28,800 Administrative Expenses 8,800 Total $2,181,900 $2,181,900 Required a. Prepare a statement of changes in plan net assets for the State of Nodak Public Employees Retirement System for the year ended June 30, 2011, in as much detail as possible. b. Prepare a statement of plan net assets as of June 30, 2011, for the State of Nodak Public Employees Retirement System. c. Explain how the State of Nodak (the employer) would report its participation in the state PERS at the fund level and at the government-wide level. Comprehensive Set of Transactions. The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31, 2011. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. 2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after school program for children, which is sponsored by the parks and recreation function. Revenue earned and received as of December 31, 2011, was $40,000. 5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31, the General Fund had paid $124,000 of the amount billed. 6. The central duplicating fund purchased $4,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: 8. During the year the internal service fund billed the city's general government function $15,700 for duplicating services and it billed the city's utility fund $8,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent bonds were sold at the face value of $5,000,000. A contract for $4,500,000 has been signed for the project; however no expenditures have been incurred as of December 31, 2011. 10. The general government function issued a purchase order for $32,000 for computer equipment. When the equipment was received, a voucher for $31,900 was approved for payment and payment was made. Required Prepare all journal entries to properly record each transaction for the fiscal year ended December 31, 2011. Use the following funds and government-wide activities, as necessary: Each journal entry should be numbered to correspond with each transaction. Do not prepare closing entries. Your answer sheet should be organized as follows: Each journal entry should be numbered to correspond with each transaction. Do not prepare closing entries. Your answer sheet should be organized as follows: 9-10 Converting from Modified Accrual to Accrual Accounting. The Village of Rodale keeps its governmental fund accounting records on a modified accrual basis. At the end of the fiscal year, the village accountant must convert the modified accrual information to accrual information to allow for preparation of the government-wide financial statements. Following are several transactions identified by the accountant that will require conversion. 1. At the end of the year, depreciation expense of $674,300 was recorded on buildings and equipment. 2. Year-end salaries amounting to $39,123 were accrued. 3. During the year the village acquired a vehicle at a cost of $21,369 and depreciable office equipment at a cost of $7,680. (Note: the village uses a Buildings and Equipment account.) 4. The village made the final $50,000 payment on a long-term loan. Interest related to the loan was $2,250, half of which had been accrued at the end of the prior fiscal year. 5. The records indicate that the Due from Other Funds balance is $720. Of this amount, $480 is due from the Water Utility Fund for service provided by the general government; the remainder is due from a special revenue fund for services provided by the Police Department. The amount Due to Other Funds balance is $950, which the General Fund owes to the Water Utility Fund for water received. Required Prepare modified accrual to accrual adjustments for all of the transactions identified in Items 1-5. Your answer sheet should be organized as follows. In the first column, identify the account titles that will be affected by the adjustment. Use the second column to identify whether the account title provided is a modified accrual account or an accrual account. The adjustment columns should record the amount of the debit or credit that would need to be made to adjust information from modified accrual to accrual. Keep in mind that some transactions may not be recorded under modified accrual; in such cases, the debit and credit adjustments affect only accrual accounts since the adjustments are reflected at the government-wide level only