ACCT 567 Week 5 Homework Case study

ACCT 567 Week 5 Homework Case study

ACCT 567 Week 5 Homework Case study

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Case 8 - 1
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?

Common Stock 1,600,000
Total Assets $ 7,320,000
Liabilities
Accounts Payable and Accrued Expenses 430,000
Net Assets Held in Trust for Pension Benefits $ 6,890,000
The following transactions took place during the fiscal year 2012:
The interest receivable on investments was collected in cash. Member contributions in the amount of $ 460,000 were received in cash, the city’s General Fund also contributed $ 700,000 in cash. Annuity benefits of $ 780,000 and disability benefits of $ 200,000 were recorded as liabilities. Accounts payable and accrued expenses in the amount of $ 820,000 were paid in cash. Interest income of $ 320,000 and dividends in the amount of $60,000 were received in cash. Bond Interest Income of $ 160,000 was accrued at the end of year. Refunds of $ 150,000 were made in cash to terminated, non-vested participating employees. Common stocks, which are carried at a fair value of $ 500,000, were sold for $472,000. The amount of the sales price of the stock plus an additional $ 360,000 was invested in stocks. As of the end of the fiscal year, June 30, 2012, a determination has been made that the fair value of the stocks held by the pension plan had decreased by $ 60,000; the fair value of bonds had increased by $35,000. Temporary...

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