If answered within 30mins,it would be helpful.surely will upvoteThe Village of Bensonville has a pension trust fund for its public safety employees. For the year ended December 31, 2021, an actuarial consulting firm determined that the Village’s annual general fund contribution to the pension trust fund should be $3,250,000. However, due to a downturn in the local economy, the Village appropriated only $2,750,000 for its 2021 pension contribution to the public safety pension trust fund. From January through November, 2021, the Village contributed $2,460,000 to its public safety pension trust fund. The Village will make its December, 2021, contribution of $200,000 to the pension trust fund during the first week in January, 2022. Based on the information provided, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2021, and what amount should be reported under liabilities on the balance sheet of the general fund at December 31, 2021? Expenditures Liabilities $2,750,000 $ 290,000 $2,460,000 $ 200,000 $2,660,000 $ 200,000 $2,460,000 $ 290,000 $2,660,000 $ 90,000

The amount of expense incurred during the year is charged to Profit and loss account. The expense…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If answered within 30mins,it would be helpful.surely will upvote

The Village of Bensonville has a pension trust fund for its public safety employees. For the year ended December 31, 2021, an actuarial consulting firm determined that the Village’s annual general fund contribution to the pension trust fund should be $3,250,000. However, due to a downturn in the local economy, the Village appropriated only $2,750,000 for its 2021 pension contribution to the public safety pension trust fund. From January through November, 2021, the Village contributed $2,460,000 to its public safety pension trust fund. The Village will make its December, 2021, contribution of $200,000 to the pension trust fund during the first week in January, 2022. Based on the information provided, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2021, and what amount should be reported under liabilities on the balance sheet of the general fund at December 31, 2021?

Expenditures Liabilities

$2,750,000 $ 290,000
$2,460,000 $ 200,000
$2,660,000 $ 200,000
$2,460,000 $ 290,000
$2,660,000 $ 90,000

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