1.Merlin, Inc. is a furniture manufacturer with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as part of its employee compensation plan. The plan willstart January 1, 2023. Each employee covered by the plan is entitled to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (liability). The following estimates have been collected.
Average length of time to retirement 15 years
Expected life duration after retirement 20 years
Total pension payment expected each year after retirement for all employees
$500,000 per year
Required:
On the basis of the information above, determine the present value of the pension liability. Assume payment made at the end of the year and the interest rate to be used is 6%. Note: Present value tables are available below:
2.The following link provides a partial Form 990 for Kids Wish Network, Inc. Using ONLY this information, indicate whether or not your would be willing to donate to this organization. Give three reasons to support your decision.
3.Watch the following brief video concerning Ramapo, NY town finances from July 2018 (Note: This is NOT RAMAPO COLLEGE but the TOWN of Ramapo, NY which is in Rockland County). In the video, the town is considering selling off town properties to cover a significant budget deficit.
https://www.lohud.com/story/news/local/rockland/ramapo/2018/07/16/ramapo-selling-property-raise-cash-pay-off-anticipated-deficit/782281002/
Should towns (or cities) sell town (or city) owned assets to cover budget deficits? Why or why not? Support your answer. If you believe that they should sell assets, should there be any limitations as to which assets (e.g., playgrounds, parks, roads, museums)?
4.What are the biggest challenges facing state and local governments today (name two)? What is the GASB’s (and / or the accounting profession’s) role in addressing these challenges?
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