Trust fund, financial statements. The following trial balance of the Employee’s Retirement System Fund for Redford City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 20X8:
|
Cash |
$ 38,000 |
|
Due from the city |
4,000 |
|
Interest receivable |
5,000 |
|
Investments, at fair value |
497,000 |
|
Due to resigned employees |
(1,000) |
|
Annuities payable |
(3,000) |
|
Net plan assets |
(540,000) |
|
$ 0 |
|
Balance on June 30, 20X7 |
$464,000 |
|
Events during 20X8: |
|
|
Amounts received from employees |
32,000 |
|
Amounts received from employer |
16,000 |
|
Amount due from city at year-end |
4,000 |
|
Annuities paid during the year |
13,000 |
|
Refunds made during the year |
2,500 |
|
Annuities payable at year-end |
3,000 |
|
Due to resigned employees at year-end |
1,000 |
|
Investment earnings received |
30,000 |
|
Accrued earnings at year-end |
5,000 |
|
Difference between carrying value and |
|
|
fair value of the investments |
13,500 |
|
Administrative expenses |
5,000 |
|
Balance on June 30, 20X8 |
$540,000 |
Prepare a statement of net assets and a statement of changes in net assets of the Employees’ Retirement System Fund for the fiscal year ended June 30, 20X8.