Posted: March 24th, 2024

Flint, Inc., operates a cable television system.

Flint, Inc., operates a cable television system. At December 31, 2009, the following unadjusted account balances were available:Cash ………………………………………………………. $ 2,000Accounts Receivable ……………………………………… 89,000Office Supplies ……………………………………………. 5,000Land ……………………………………………………….$ 37,000Building …………………………………………………… 209,000Accumulated Depreciation, Building ……………………... 40,000Equipment …………………………………………………. 794,000Accumulated Depreciation, Equipment ………………….... 262,000Other Assets ………………………………………………. 19,700Accounts Payable …………………………………………. 29,500Notes Payable (due in 2013) ……………………………… 250,000Common Stock …………………………………………… 300,000Retained Earnings, 12/31/2008 …………………………… 14,700Dividends ………………………………………………… 28,000Service Revenue ………………………………………….. 985,000Subscription Expense …………………………………….. 398,000Telephone Expense ………………………………………. 10,500Utilities Expense …………………………………………. 34,000Wages Expense …………………………………………… 196,000Miscellaneous Expense …………………………………… 44,000Interest Expense ………………………………………….. 15,000The following data are available for adjusting entries:a. At year-end $1,500 of office supplies remain unused.b. Annual depreciation on the building is $20,000.c. Annual depreciation on the equipment is $150,000.d. The interest rate on the note is 8 percent. Four months’ interest is unpaid and unrecorded at December 31, 2009.e. At December 31, 2009, service revenue of $94,000 has been earned but is unbilled and unrecorded.f. Utility bills of $2,800 are unpaid and unrecorded at December 31, 2009.g. The income tax rate is 25 percent.Required:1. Prepare a worksheet for Flint.2. Prepare an income statement, a statement of changes in retained earnings, and a classified balance sheet for Flint.3. Prepare the closing entries.

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