PREPARING A WORKSHEET Flint, Inc., operates a cable television system. At December 31, 2009, the following unadjusted account balances were available:

Cash $ 2,000 Accounts Receivable 89,000 Office Supplies 5,000 Land $ 37,000 Building 209,000 Accumulated Depreciation, Building 40,000 Equipment 794,000 Accumulated Depreciation, Equipment 262,000 Other Assets 19,700 Accounts Payable 29,500 Notes Payable (due in 2013) 250,000 Common Stock 300,000 Retained Earnings, 12/31/2008 14,700 Dividends 28,000 Service Revenue 985,000 Subscription Expense 398,000 Telephone Expense 10,500 Utilities Expense 34,000 Wages Expense 196,000 Miscellaneous Expense 44,000 Interest Expense 15,000 The 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:

. Prepare a worksheet for Flint.

. Prepare an income statement, a statement of changes in retained earnings, and a classified balance sheet for Flint.
. Prepare the closing entries.
Cases Case