Flint, Inc., operates a cable television system. At December 31, 2009, the following unadjusted account balances were available:Cash â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. $ 2,000Accounts Receivable â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 89,000Office Supplies â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. 5,000Land â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦.$ 37,000Building â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 209,000Accumulated Depreciation, Building â¦â¦â¦â¦â¦â¦â¦â¦… 40,000Equipment â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. 794,000Accumulated Depreciation, Equipment â¦â¦â¦â¦â¦â¦â¦…. 262,000Other Assets â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. 19,700Accounts Payable â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. 29,500Notes Payable (due in 2013) â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 250,000Common Stock â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 300,000Retained Earnings, 12/31/2008 â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 14,700Dividends â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 28,000Service Revenue â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦.. 985,000Subscription Expense â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦.. 398,000Telephone Expense â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. 10,500Utilities Expense â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦. 34,000Wages Expense â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 196,000Miscellaneous Expense â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦ 44,000Interest Expense â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦.. 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 monthsâ 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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