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Net Assets and Employees' Retirement Fund. Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations.
Review the financial information pertaining to the City of Sweetwater in problem 7-13 on pages 215-217 of your text. Review the transactions that occurred during the year ended June 30, 2012 and complete the following:
1. Record the transactions on the books of the Employees' Retirement Fund.
2. Prepare a Statement of Changes in Net Assets for the Employees' Retirement Fund for the Year Ended June 30, 2012.
3. Prepare a Statement of Net Assets for the Employees' Retirement Fund as of June 30, 2012.
How are the shares that have not yet been issued included in the company's balance sheet? Do they represent an asset of the company?
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