FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question
Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by
a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to
nearest whole dollar.)
Required
Compute the missing amounts.
Total pension liability
Service cost
Interest
BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM
Schedule of Changes in the County's Net Pension Liability and Related Ratios
Last Three Fiscal Years
2023
Differences between expected and actual experience
Benefit payments (including refunds of employee contributions)
Net change in total pension liability
Total pension liability, beginning
Total pension liability, ending
Plan fiduciary net position
Contributions employee
Contributions-employer
Net investment income
Benefit payments (including refunds of employee contributions)
Administrative expenses
Net change in plan fiduciary net position
2022
2021
$
123,345
$
125,680
$
130,350
182,700
172,360
1,274
(254,000)
(910)
685
(219,160)
66,805
75,650
2,084,915
1,925,030
$
32,660
$
36,360
98,890
102,590
91,670
19,850
(22,710)
(64,890)
(42,900)
(51,930)
(3,530)
(3,230)
(2,960)
81,700
1,023,680
1,063,720
Plan fiduciary net position, beginning
Plan fiduciary net position, ending
1,228,400
Net pension liability, ending
$
923,320
Plan fiduciary net position as a percentage of total pension liability
Covered payroll
%
54.94 %
52.94 %
$
495,810
Net pension liability as a percentage of covered payroll
197.09 %
196.06 %
%
expand button
Transcribed Image Text:Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts. Total pension liability Service cost Interest BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Three Fiscal Years 2023 Differences between expected and actual experience Benefit payments (including refunds of employee contributions) Net change in total pension liability Total pension liability, beginning Total pension liability, ending Plan fiduciary net position Contributions employee Contributions-employer Net investment income Benefit payments (including refunds of employee contributions) Administrative expenses Net change in plan fiduciary net position 2022 2021 $ 123,345 $ 125,680 $ 130,350 182,700 172,360 1,274 (254,000) (910) 685 (219,160) 66,805 75,650 2,084,915 1,925,030 $ 32,660 $ 36,360 98,890 102,590 91,670 19,850 (22,710) (64,890) (42,900) (51,930) (3,530) (3,230) (2,960) 81,700 1,023,680 1,063,720 Plan fiduciary net position, beginning Plan fiduciary net position, ending 1,228,400 Net pension liability, ending $ 923,320 Plan fiduciary net position as a percentage of total pension liability Covered payroll % 54.94 % 52.94 % $ 495,810 Net pension liability as a percentage of covered payroll 197.09 % 196.06 % %
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education